Tax law, regulation and tax efficiency are complex areas for any business, so at MENA we like to have a straightforward, no-nonsense approach.
By staying abreast of developments and the frequently changing rules, we ensure that you have a clear and full understanding, enabling you to make the right decisions with confidence.
With decades of tax experience and global expertise, we can answer your questions, explain your obligations, and help you to plan effectively, whatever the size and needs of your business.
Our tax services include:
- Corporate Tax Compliance (B/1)
- Local Tax (B/2)
- VAT, GST, Customs and Excise (B/3)
Corporate Tax Compliance
Nowadays keeping up to date with corporate tax compliance can be very challenging in some countries with frequent changes to legislation, regulations and procedures coupled with changing tax authority practices and attitudes.
MENA is service provider of corporate tax compliance services and through our network of member firms we provide local & worldwide coverage. We provide domestic tax compliance services for single entities and also offer a 'one stop shop' service for our multinational clients where we look after the 'group's' tax compliance i.e. we provide a full tax compliance service to each company in each country, wherever they are based, and provide the multinational's head office with our 'Global Tax Management' tool (see below).
Typically, our services include providing assistance:
- In completing tax returns and supporting computations and schedules;
- With calculating capital allowances/ tax allowances;
- With supplementary reports, for example, supporting transfer pricing submissions;
- Providing specific claims, elections and applications, for example, in the area of research and development;
- In dealing with all tax authority enquiries in a careful and intelligent way;
- Advice on tax return filing deadlines, tax payment deadlines and other important dates;
- In dealing with assessments, objections and appeals;
- With the corporate and deferred tax audit provisions, and reconciliations, required for your financial statements under IAS 12 or other applicable standards;
- With corporate tax compliance planning and management of your group or company's effective tax rate;
- Obtaining refunds and credits.
Local Tax
MENA not only provides tax advice and tax compliance services for the mainstream taxes, such as corporate tax, income tax, VAT or GST and so on, but we also provide advice and compliance services on the many local taxes which are often unique to a country or region.
In addition, our MENA member firms provide information and assistance with respect to the respective country's tax incentives and areas of investment which attract special relief. Our services in this area also extend to assisting organizations with other Government grants and applications.
We would be delighted to explain the range of tax incentives that are available in a respective country and the full range of taxes that your company may be subject to (and ways to reduce any tax liability).
VAT, GST, Customs and Excise
A response by many countries to the Global Financial Crisis was to increase the (already high) rates of VAT or GST in an effort to reduce Government budget deficits. Despite the economic recovery of the last few years, these rates have been maintained. Theoretically the "cost" of indirect taxes is borne only by the ultimate consumer of goods and services, and businesses therefore act merely as collection agents. In practice however compliance issues, an inefficient partial exemption method, incorrect VAT charging, cash-flow impact, and regulatory inconsistencies often prove expensive and inconvenient.
MENA is service provider and through its network of member firms it can provide complete global coverage and a complete range of VAT, GST, Customs and Excise services to fully meet your requirements. Our services include:
- VAT and GST compliance out-sourcing.
There are many differences in the details of the VAT or GST systems implemented around the world, but one thing they generally all have in common are severe penalties for non-compliance, even in cases of unintentional or mere clerical errors. If you do not have the resources or skills in-house to maintain an accurate and timely compliance function, you may wish to consider out-sourcing this to MENA.
Our teams of experienced specialists can perform a complete range of indirect tax compliance services, including the preparation and submission of all returns and the maintenance of the appropriate documentary support.
Although VAT and GST should not theoretically cost your business anything, there is often a significant cash flow impact when there are timing differences between the collection of output taxes on sales, and the offsetting of input taxes on purchases. Even greater impact can arise if you are an exporter, and therefore eligible for refunds of your input tax, or if you are making sizeable capital investments. Careful planning, and robust refund application procedures can significantly reduce the negative impact on your cash flow.
- Understanding and applying exceptions and exemptions.
Indirect taxes are simple in concept, but in many jurisdictions have been rendered complex by the introduction of a host of exceptions and exemptions. It is critical to understand the impact of these on your outputs (sales) and inputs (purchases) to ensure the accurate calculation, and reporting, of your indirect tax liability. If you have exempt (rather than zero-rated) outputs, your ability to take credit for all input tax is likely restricted. If you are "importing" services, are you required to self-assess?
- Planning and compliance reviews.
To help you identify potential problems, opportunities, or inefficiencies, MENA can review your VAT or GST, Customs and Excise systems and documentation, and identify opportunities for improvement in processes and cash flow, as well as potential areas of contention.
Timing is an extremely important issue in indirect taxes. When does your liability arise? On delivery? On invoicing? On receiving payment? When is the Return due? What happens if you forget to claim an input item this month? Can you claim it in next month's Return? At MENA our specialists are extremely experienced and can advise on exactly what corrective action to take to rectify matters and minimize any consequences.
Whether you are in dispute with a tax authority, or in the process of claiming refunds, MENA specialists can help you ensure that your case or claim is professionally presented, technically sound, and properly supported in terms of documentation and evidence.
If you have the people resources for an effective compliance function, MENA can provide training to your teams to ensure that the skills, and up-to-date knowledge necessary for effective compliance are instilled and maintained.
If your business is subject to other forms of indirect tax, such as Stamp Duty, Insurance Premium Tax, or Special Sales Taxes, our specialists can provide a similarly comprehensive range of compliance, training, and consulting services to assist you.