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Transcript of Morison MJS Tax Consultancy F1 · PDF fileMorison MJS Tax Consultancy is a Morison Menon Group...
Morison MJS Tax Consultancy
Morison MJS Tax Consultancy is a Morison Menon Group entity formed with the objective of providing solution with respect to Value Added Tax (‘VAT’) to be introduced in Gulf Cooperation Council (‘GCC’) countries in Jan 2018.
Our VAT leadership and team consists of experienced, passionate and ambitious staff who have VAT implemen-tation, Advisory, Compliance and VAT Audit experience across various industries in Europe, Middle East, Indian Subcontinent and Far East. Team is competent to provide end-to-end solution in relation to VAT in UAE and other GCC countries.
We are determined to own client’s challenges, train and make things simple and easy.
We firmly believe that VAT is an opportunity for business. It’s an opportunity to assess your business all over again heading from legal structure of the entity to Sales function to Deal advisory or Estimation to Commercial or contracts to HR to Operations to Supply Chain to Information Technology to Finance & Accounts to Compliance and related operating procedures.
Generally we get used to the structure we operate in and alignment between all the departments. However, we need to pause sometime and relook the organizational structure, transactions and alignment of all the departments and we believe this is the time.
VAT: An Opportunity for businesses
The central design feature of VAT and the feature from which it derives its name, is that the tax is collected through a staged process. Each business in the supply chain takes part in the process of controlling and collecting the tax, remitting the proportion of tax corresponding to its margin, i.e. on the difference between the VAT imposed on its taxed inputs and the VAT imposed on its taxed outputs. Thus the tax is in principle collected on the ‘value added’ at each stage of production and distribution.
The central design feature of VAT: Staged collection process
How VAT Works?
Sales price with VAT AED 105 AED 210 AED 420 AED 525
VAT collected by seller AED 5 AED 10 AED 20 AED 25
Credit for VAT paid in NA AED 5 AED 10 AED 20
previous stage
Net VAT AED 5 AED 5 AED 10 AED 5
Total VAT AED 25
Farmer sells Cotton to manufacturer for AED 100
Manufacturer makes Ready made T-shirts and sells to retailer for AED 200
Wholeseller stores and sorts them and sells to retailer for AED 400
Retailer sells to the customer for AED 500
Step 1 Step 2 Step 3 Step 4
VAT Service Offerings
Impact AssessmentFiscal Impact assessmentTransactions impact assessmentContracts review & related supportERP Impact assessment & recommendationsSupply Chain Impact assessment & restructuring
ImplementationTesting VAT function of ERPVAT mapping of transactions in ERPTesting of transaction in ERPPre- VAT implementation trainingPost-VAT implementation trainingDesigning VAT Manual
ComplianceRegistration & related planningTransitional supportVAT return fillingVAT return reviewVAT Advisory servicesVAT audit related support
ReviewVAT Reviews and comliance audits
IndustriesWe
Serve
Education EnergyFinancial Services
Food & Consumer GoodsGovernment & Public Sector
Healthcare &Pharmaceuticals
HospitalityTravel & Tourism
InfrastructureTransport & Logistics Real Estate
Retail
Media &Technology
We firmly believe knowledge is power and it enriches by sharing. We have setup a VAT Academy which focuses on training and educating businesses on VAT aspects.
Objective of Academy is to make things simple and empower businesses with sufficient knowledge to handle day to day VAT related tasks and meet compliance requirements.
Morison Menon Academy for VAT
Raju Menon is a dynamic entrepreneur and the Founder and Managing Partner of the Morison Menon Group, one of the premier Audit & Business Advisory firm headquartered in Dubai, UAE. He is a Senior Professional with over 29 years of post-qualification experience in the fields of auditing, consultancy, taxation, incorporation, liquidation, commercial and company laws.
Raju Menon leads a team of qualified tax professionals that help companies in smooth implementation of VAT and are capable of handling all VAT related matters.
He has the perspective to help companies understand National, Regional and International tax structures and align the tax function with business objectives.
CA. RAJU MENON Chairman & Managing Partner
KEY PERSONNEL
Surandar Jesrani has over 13 years of post qualification experience in the areas of Finance, Accounts and Taxation. Surandar has worked with Larsen & Toubro Ltd., General Motors and Infosys Technologies Ltd. in India and Belgium in Europe. He has also worked with one of the companies belonging to HSBC Private Equity in the UAE. During his tenure, he has worked on Value Added Tax (VAT) which includes impact assessment of VAT, implementation of VAT, advisory role on VAT, VAT returns, VAT Audits and related compliances.
Surandar has actively handled Transfer Pricing matters including policies, compliances and audits, Expat taxation, Advance Pricing Agreements (APAs) for taxation in various countries in Europe & United States, FIN 48, GST, Withholding tax and Tax Treaties.
Beside Finance, Accounts & Taxation capabilities, Surandar is an entrepreneur by nature and believes in making differences to businesses.
CA. SURANDAR JESRANI Partner & Chief Executive Officer
KEY PERSONNEL
Adrian is a partner and head of the firm’s VAT and indirect taxes group. He has been involved in the provision of VAT and tax advice as a partner for over 30 years particularly in the property, construction and the not for profit sector.
Adrian lectures on various VAT matters and advisers clients in a broad range of sectors especially property, construction and charities who like the property sector often have partial exemption problems. Adrian has also lectured at The Institute of Chartered Accountants in England & Wales’s seminars.
Adrian is a fellow of The Institute of Chartered Accountants in England and Wales, having qualified in 1981 and also a fellow of The Chartered Institute of Arbitrators, and a member of the tax investigations committee of The Institute of Chartered Accountants in England and Wales where he meets Treasury officials, and those responsible for drafting new legislation. Adrian is also a member of the Charity Tax Group, as well as a member the CBI VAT and indirect taxes Committee. Adrian was asked in 2007 to help edit a new Customs notice on partial exemption, and regularly contributes to HMRC’s consultations.
In the past Adrian has acted for a FTSE 100 company that manufactured construction equipment and now advises entities of all sizes on VAT and related issues, and in the last two years has advised property developers, many in connection with London, but also around the country. Adrian’s most recent Court case involved the construction of a museum and was successful against HMRC.
Adrian J Houstoun VAT Partner- Kingston Smith LLP
KEY PERSONNEL
A qualified accountant with a a post graduate diploma in computer applications, Raju Iyer comes with years of experience in this field across the region. Having worked with EY for over 20 years, Raju Iyer assisted many of their reputed clients by providing valuable advice and guidance in implementing financial systems.
Besides having a strong Finance & IT domain knowledge, Raju Iyer comes with innovative and creative problem solving ability, keeping himself abreast with latest technology trends and has established a strong business, finance & IT community network over the years which makes it easy for the business to explore and adopt the right and proven information system solutions.
CA. RAJU IYERDirector - Tax Technology
KEY PERSONNEL
Pushkar Kundra works as Assistant Manager in the Indirect Taxation practice of Morison Menon Group.
He is a qualified Chartered Accountant having an extensive knowledge in the subject of indirect taxation, its implementation and compliances. Pushkar has over 5 years of indirect tax experience, working for KPMG and Deloitte, where he assisted clients on various indirect tax impact areas on their business and helped them in a smooth transition and implementation of the same. Apart from this, he has conducted various training ses-sions on the subject of Gulf VAT.
Pushkar is experienced in handling complex compliances of large companies and for advisory on indirect tax related matters in complex transactions.
CA. PUSHKAR KUNDRAAssistant Manager- Indirect Tax
KEY PERSONNEL
Audit & Assurance Business Registration & Corporate Services
Business Advisory &Consulting
Corporate Finance Corporate Governance
Strategy Consulting
Payroll Processing Accounting BPO
HR Advisory & Consulting
Bookkeeping &Accounting Services
IT Consulting
Web Consulting
DIFC & ADGMRelated Services
Tax Advisory &Consulting
Risk & Compliance
160 Member Firms375 Offices
86 CountriesSpecialists comprising Chartered Accountants, CFA Charterholders, Lawyers and Business Consultants
1201 Partners12, 253 Professional Staff
USD 1.03 Billion in Revenue
Morison Menon is an Independent Member of Morison KSi, a global association of independent accountants, auditors, tax advisers, business consultants and lawyers
established to meet the comprehensive needs of clients.
Morison Menon Chartered AccountantsDubai, UAE
Morison Menon Chartered AccountantsAbu Dhabi, UAE
Morison Menon Chartered AccountantsSharjah, UAE
Morison Menon Chartered AccountantsJAFZ, Dubai, UAE
Morison Menon Chartered AccountantsDAFZ, Dubai, UAE
Morison Menon Chartered AccountantsRas Al Khaimah, UAE
Morison Menon Chartered AccountantsKIZAD, UAE
Mohammed Saad Al- Ghowainim Certified Public Accountants, Al Khobar, Saudi Arabia
Al-Jeeran & Co KSi Public AccountantsKuwait City, Kuwait
KSI BahrainManama, Bahrain
Morison Muscat Chartered Accountants LLCMuscat, Oman
Morison Menon Chartered Accountants & PartnersDoha, Qatar
OUR GCC NETWORK
Morison MJS Tax Consultancy
Level 15, Lake Central - At The Bay, Business Bay,Marasi Drive, P.O Box 55535, Dubai, UAE+971 4 276 2233 - [email protected]