ICV (In-Country Value) audit in the UAE is an assessment conducted to determine the extent to which a company contributes to the local economy. It measures the value added by the company through its operations, supply chain, employment, and investment in the UAE. The ICV audit evaluates various parameters to calculate the company's ICV score, which is used as a benchmark to demonstrate its commitment to supporting the UAE's economic growth.
TAX DXB provides comprehensive ICV audit services in the UAE to assist companies in assessing and enhancing their ICV scores. Our experienced auditors conduct thorough evaluations of the company's activities, expenditure, and local value creation. Through meticulous analysis and adherence to ICV guidelines, we help organizations understand their ICV performance and identify opportunities for improvement.
ICV certification is a recognition given to companies that have successfully met the ICV requirements and demonstrated their commitment to supporting the UAE's economic development goals. It serves as evidence of the company's contribution to the local economy and can provide a competitive advantage in procurement and business opportunities within the UAE.
Obtaining ICV certification offers several benefits for companies operating in the UAE. Some key points to consider include:
1. Enhanced Competitiveness: ICV certification enhances a company's competitiveness by showcasing its commitment to local value creation, which is often a requirement in government and private sector contracts.
2. Business Opportunities: Companies with ICV certification may gain preferential treatment in procurement processes, accessing a wider range of business opportunities within the UAE.
3. Compliance with Regulations: ICV certification ensures compliance with government regulations and demonstrates the company's alignment with the UAE's economic diversification objectives.
The ICV audit procedure involves several steps to assess the company's ICV performance. These steps typically include:
1. Data Collection: Our auditors gather relevant data from the company, including financial statements, expenditure records, employee details, and supply chain information.
2. Analysis: We analyze the collected data, evaluating the company's spending, investment, employment practices, and other factors that contribute to local value creation.
3. Calculation of ICV Score: Based on the analysis, we calculate the company's ICV score, taking into account the specific ICV criteria and guidelines provided by the relevant authorities.
TAX DXB is an approved ICV auditor in the UAE, recognized for our expertise and adherence to ICV audit requirements. Our experienced auditors possess in-depth knowledge of ICV regulations and are equipped to assist companies in conducting reliable and accurate ICV audits.
TAX DXB can help companies with their ICV audit and certification process in the following ways:
1. Expert Guidance: Our experienced auditors provide expert guidance on ICV regulations, ensuring companies understand the requirements and implications of ICV audits and certifications.
2. Comprehensive Audits: We conduct thorough ICV audits, meticulously analyzing company data and assessing various ICV parameters to provide accurate assessments of the company's local value creation.
3. Improvement Strategies: Based on the ICV audit results, we offer strategic recommendations and action plans to help companies enhance their ICV scores and overall local value creation.
Partner with TAX DXB to navigate the ICV audit process effectively, improve your ICV score, and demonstrate your commitment to supporting the UAE's economic growth.