Challenge of Value Added Tax that has been introduced in the country since the beginning of 2018, Hence it is necessary for every diversified entity to take up the responsibility to know, understand and comply with the new tax obligations that include charging, collecting and paying VAT to the Federal Tax Authority in the allotted intervals. It is the perfect time to create awareness, equip every individual in the entity with knowledge and commence an assessment on the potential impact of the new taxes on the business. It is found to be essential to appoint the right people and the required systems to obtain absolute computations followed by creating required reporting and documentation. Every business unit needs to be trained and made competent to make sure everything is in flow and adapted to this change.

When you start a business, your focus isn’t always on the big picture. The key to success of a business is value. Following are the few facilities which are beneficial for all types of new businesses: