Our services include:
There are many differences in the details of the VAT 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 PKF. 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.
Obtaining VAT refunds
Although VAT 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 VAT exceptions and exemptions
Indirect taxes are simple in concept, but in many jurisdictions have been rendered complex by the introduction 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.
Planning and compliance reviews
To help you identify potential problems, opportunities, or inefficiencies, PKF can review your VAT, system 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 PKF 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, PKF specialists can help you ensure that your case or claim is professionally presented, technically sound, and properly supported in terms of documentation and evidence.
VAT representative services
If you are a foreign entity who trades in goods and services on the territory of Serbia, PKF can provide you with support as a VAT representative who will fulfill obligations and exercise rights in your name in accordance with VAT regulations (filing VAT returns, paying VAT obligations, exercising the right to deduction of previous tax, etc.).