To verify the accuracy of a taxpayer’s VAT liability, a tax audit reviews various documents maintained by the taxpayer. This process assesses whether taxable entities are meeting their obligations in accordance with tax laws.
The Federal Tax Authority (FTA) conducts annual tax audits to ensure that all liabilities are correctly calculated, collected, and submitted to the government on time. Consequently, taxpayers will receive an audit notice ahead of time.
The ADNOC In-Country Value (ICV) program, launched in January 2018, aims to diversify the UAE’s economy by localizing goods and services, creating job opportunities for UAE nationals, and enhancing local capabilities in the oil and gas sector.
Suppliers must show an increase in their ICV score by submitting achievement certificates, as the score is now vital in ADNOC’s tendering process, influencing contract awards based on pricing and ICV performance.
To obtain an ICV certificate, suppliers must work with an ADNOC-approved certification body, as only authorized auditors in the UAE can issue these certificates based on their audit reports. This initiative supports ADNOC’s 2030 growth strategy for sustainable business development.
ADNOC is exploring various strategies as the ICV program evolves to enhance its effectiveness.
Organizing training programs for UAE nationals to improve the skills and expertise of the local workforce.
Promoting capital expenditure (CAPEX) and operational expenditure (OPEX) development plans to attract foreign investment into the UAE.
Fostering long-term relationships with suppliers to strengthen collaboration and support.
The ICV score for an entity is determined by assessing the economic value generated through its goods and services. The evaluation considers the following key elements:
ADNOC encourages suppliers to obtain an ICV certificate from an approved certification body. Suppliers without certification may participate in group tenders, but their ICV score will be considered zero.
The ICV certificate is based on the audited financial statements from the most recent financial year. The financial statements used must not be more than two years old.
An ICV certificate is generally valid for up to 18 months, subject to the date of issuance and the date of the latest audited financial statements.
Suppliers must obtain a revised ICV certificate within two months of receiving their new audited financial statements.
An ICV certificate is increasingly important for businesses participating in ADNOC and affiliated entity tenders, as the ICV score can directly influence supplier evaluation and tender competitiveness.
Reviewing your financial and operational data to determine the relevant ICV components.
Organising the required financial records and supporting documents for the certification process.
Calculating your ICV score based on eligible revenue, spending, investment, and employment factors.
Checking submitted information for accuracy and alignment with applicable ICV requirements.
Guiding you through the certification process and coordinating the necessary requirements.
Identifying opportunities to strengthen eligible ICV contributions and improve your overall score.
To date we are providing Accounting Services for more than 250 clients
across the UAE in Trading, Construction, Real estate, Healthcare, Logistics and other services.
