02/11/2011
PROFESSIONAL SERVICES
AHFAD Corporation provides assurance, tax, legal, consulting, and financial advisory services to a wide range of clients. We are familiar with the requirements of private and public companies, as well as foreign companies and international organizations.
1.Tax and Legal Services
1.1Tax Services
We provide tax planning, tax compliance and tax representation services. Our tax specialists have a broad experience with all tax related activities, and are up-to-date with the latest legislation and regulations.
Our tax planning approach emphasizes structuring business so as to minimize tax liabilities, and avoid attracting unnecessary attention from the Tax Authority (TA) in Republic of Yemen.
We are licensed to handle all required tax declarations and other filings in Yemen.
In the event an assessment should be appealed, we assist our clients in achieving a favorable outcome, by handling all stages including:
Preparation the annual tax declarations with its legal requirements.
Preparation the Annual summaries of the clients' monthly payroll tax spreadsheets.
Filing the annual tax declaration along with its requirements to TA through time frame.
Assisting our Clients during the tax reviews process, helping identify and assemble required supporting documentations, and representation before the various departments of TA.
Attending the sessions of Tax Administrative Group (TAG) to discuss and to deliver all related documents which may support the tax situations of our clients.
Representation on behalf of our clients in attending the sessions of the Objection Tax Committee (OTC).
Preparation the proposed objections and appeal letters which will be filed to TA, TAG, OTC or the court.
Assisting lawyers in preparing the appeal letters and provide them with supporting documents in case of failure with TA, TAG and OTC.
In addition to our commitments mentioned above, we respond to our clients' questions about current state of Yemeni Laws, taxation, and practices, specifically as they are related to clients' business in Yemen. As and when requested, we will provide tax and legal advisory services under our assignment.
Our services include also, providing advice about the requirements of Yemeni law, various approaches to compliance, and the economic and legal consequences of specific activities, transactions, contracts, or business approaches.
1.2Legal Services
Our legal advisory department’s experienced professionals provide advice and services related to investment law, companies’ law, social insurance law, exchange control regulations, and other laws relevant to our client’s business.
2.Assurance
2.1Accounting
We provide advice and assistance on broad accounting and auditing subjects including:
The proper presentation of financial statements,
Accounting policies, and
Systems of accounting and internal controls.
2.2Assurance
AHFAD has revolutionized its audit approach by adopting the Business Measurement Process (BMP). Rather than limiting the audit to conventional audit concerns the internal control and reliability of financial information, BMP provides tools to audit business performance and risks, through a five-step process:
Strategic Analysis
Business Process Analysis
Risk Assessment
Business Measurement
Continuous Improvement
BMP evaluates business strategy and processes to assess whether they will achieve management’s objectives or not. Risk assessment is performed in terms of business goals, not simply audit objectives. BMP then measures business performance against competitors and industry best practices to identify areas of control weakness or where performance may be improved. This provides management with information about the state of operational and compliance controls, as well as financial reporting controls.
Within BMP, we apply a systems-based audit approach, determining whether reliance can be placed on the system of internal control, and planning detailed test work accordingly. In addition to our audit report, we provide a comprehensive management letter that discusses not just financial reporting control concerns, but also significant operational and compliance issues. This adds substantial business value to our audit.
3.Consulting
Consulting services are provided to our clients through our consulting section. This section offers the following consulting services:
Financial management,
Organization and human resources studies.
Training and development of professional skills,
Feasibility studies,
Market and economic studies, and
Information systems services.
4.Financial Advisory Services
Our firm provides a range of Financial Advisory Services (FAS), including valuations, forecasting, due diligence assistance, acquisitions, disposals, privatizations and restructures. FAS services are performed by our senior consulting and assurance professional staff where required.
5.Administrative Services
5.1 Registration of Companies or Branches of Foreign Company in Yemen
Under current Yemeni Company Law no. 22 of 1997 and the Law no. 23 of 1997 concerning the Organization of Agencies and Branches of Foreign Companies and Establishments, AHFAD provides this kind of services for obtaining all required official licences documents for the companies or branches.
5.2 Payroll tax compliance assistance
AHFAD provides to its clients all of the following services:
I. Payroll tax spreadsheet preparation
Prepare personal monthly payroll income tax calculation spreadsheets for all employees, based on salaries and allowances defined by client’s management.
2. Salary tax declarations preparation and filing
a. Prepare monthly salary tax declarations based on the client's monthly payroll tax spreadsheets, file the declarations and settlements, and provide the client with the receipts.
b. Reply to any query raised by the client relating to Yemeni personal income taxes and social insurance, and update the client about any related new laws or regulations issued in Yemen.
c. Prepare the client's annual tax declaration summary for salary tax.
3. Social Insurance Declarations
a. Prepare the monthly social insurance declarations, submit the declarations and settlements to the Public Corporation for Social Insurance (PCSI), and provide the client with the receipts.
b. Inform the PCSI whenever employees are hired or terminated by the client.
c. Reconcile the actual monthly contributions with the PCSI on a quarterly or semi-annual basis, and apply for and obtain the clearance certificates.
d. Submit the annual Social Insurance declaration summary to the PCSI.
5.3 AHFAD provides our clients with other important administrative services, applying for and obtaining the following formalities:
I.Annual renewal of Client's license and commercial registration.
II.Annual renewal of tax card.
III.Registration at the General Corporation for Social Security’ (GCSS) and issuance of social security card.
IV.Annual renewal of social security card.
V.Registration certificate from the Yemeni Chamber of Commerce (YCC).
VI.Renewal of registration with YCC.
VII.Change of license certificate and commercial registration particulars.
