VAT COMPLIANCE SERVICES

OMA Chartered Accountants is a team of dedicated specialists, offering comprehensive and complementary services in the fields of external and internal auditing, management consulting, taxation and VAT consulting services. We also offer our clients risk management expertise and forensic investigation services.

The introduction of Value Added Tax (VAT) is a significant change for businesses. There is hardly a system, process or transaction which will not be affected. It is crucial for businesses to address the operational challenges and  be prepared to switch over to a VAT ready system when the time comes. OMA, having extensive experience in VAT consulting, can assist in the planning and implementation of VAT to ensure a smooth transition.

HOW WILL VAT AFFECT YOUR BUSINESS?

SYSTEMS

Point of Sale
Invoice & Accounting
Management Reporting
ERP

SUPPLY CHAIN

Procurement changes
Cash Flow Management
International Trade/ Customs
Commercial contracts

SALES

Price increases
Competitiveness
Customer education

FINANCES

Cash Flow Forecasting
Reporting Requirements
Balancing VAT outflow and income

PEOPLE

Resources to manage VAT obligations
Employee training

SYSTEMS

The introduction of VAT will require changes to a wide number of IT systems, including changes to invoicing and accounting systems, point of sale and management reporting. It is imperative that this process is planned and phased in correctly and tested rigorously, prior to being deployed in the operational environment.

SUPPLY CHAIN

The supply chain procurement processes must be structured efficiently to ensure that cash flow is not adversely affected by the implementation of VAT. In addition, commercial arrangements and contracts need to be reviewed in light of the new tax requirements.

SALES/MARKETING

All pricing of goods and services will need to be reviewed and the implementation of new pricing carefully planned to ensure that market competitiveness is maintained.

FINANCES

The impact on cash flow forecasts may need to be updated to take into account the timing of VAT payments made and VAT received/refunded.

PEOPLE

Ensuring that the correct resources are in place to manage and implement VAT changes is crucial e.g. accountants, tax advisers and software technicians. In addition, staff will require training on the new processes and procedures relating to VAT.

HOW OMA CAN HELP YOU

OMA provides experts who will guide your organisation through the process using a structured and comprehensive approach. In this way, your business will be VAT compliant and ready to trade in the new environment with the least disruption to the day-to-day operations.

PLANNING

  • Operational review
  • Identify affected:
    • Systems
    • Processes
    • Policies
    • People
  • Estimate cost of transition
  • Recommend strategies to lessen impact

ROADMAP

  • Pricing of products/services
  • Financial Reporting
  • Compliance processes
  • IT system design/re-engineering
  • Supply chain
  • Procurement
  • Staffing
  • Access special VAT schemes if applicable
  • Staff communication plan

IMPLEMENTATION

  • Configure and test IT systems
  • Set up compliance reporting systems
  • Communication and staff training
  • Develop manuals and user guides for each new process
  • Test entire system to ensure fully compliant and working as intended
  • Staff communication plan

SUPPORT

  • Post implementation review
  • Feedback on issues and areas where improvements can be made
  • Dedicated contact centre for queries

OUR PEOPLE

RIDHWAAN KHAN CA (SA) | B.COM, B.COM HONOURS (ACC), HDIP (TAX), HDIP (VAT)

Ridhwaan specialises in both Taxation and VAT consulting and has managed a number of large tax and VAT projects over the past 15 years. In addition to two honours degrees, in both Taxation and Value Added Tax (VAT), Ridhwaan also holds a Certificate in Advanced Auditing.

He has a wide range of experience in advising multinational companies in diverse industries, public entities and other clients on various taxation matters, including VAT compliance services.

MARLENE BOTES | B.COMM, LLB, LLM

Marlene is an attorney and VAT specialist. She was part of the South African Inland Revenue team which was responsible for the original Draft VAT Bill, final VAT Bill and the VAT implementation process in 1991.

Since then, she has acted as an independent VAT consultant, working with multinational audit and accounting firms. She has acted as an external examiner and part time lecturer on VAT issues to Masters students in Law and Commerce and works regularly with the IBFD, the world’s foremost authority on cross border taxation issues.