In Country Value Certificate
During 2017, Abu Dhabi National Oil Company (“ADNOC”) launched an In-Country Value (ICV) program to provide boost to the country’s economy by supporting local businesses. The program aims to promote economic diversification and employment opportunities for UAE nationals. Subsequently, during 2019 and 2020, various Government and semi Government companies being the participating entities (individually the “PE” and together the “PEs”) namely, Abu Dhabi National Oil Company (“ADNOC”), Department of Economic Development, Abu Dhabi (“DED”), Aldar Properties PJSC (“Aldar”) and Abu Dhabi Ports Company PJSC (“ADPC”) joined hands to broaden the ICV certification process for suppliers across various sectors in Abu Dhabi and the UAE and therefore the ICV program has been renamed as Unified In-Country Value (“ICV”) program, where the ICV score will be used by all PEs based on their own tender processing guidelines.
The objectives of this program are:
Emiratization: creating additional employment opportunities for Emiratis in the private sector;
GDP Diversification: supporting UAE GDP diversification through sourcing more Goods and Services within the UAE; and
Strategic Considerations: localizing strategically critical parts of the value chain for selected categories.
PEs strongly encourage the suppliers to undertake an ICV evaluation process to obtain an ICV certification. It is not compulsory to hold an ICV certificate to participate in PEs’ tenders. Although providers without the certification will be seen as having a 0% ICV score, those who do will have an advantage during the tendering process. A standard template for supplier submissions has been made available to all PEs’ vendors. The data from the suppliers’ audited financial statements should be added to this template by the suppliers.
Forthright will carry out the specified procedures on the data in the submission template as required by the ICV Committee and publish a report of factual findings. This ICV certificate will be valid for 14 months starting on the earliest of the dates that the financial statements were audited or VAT return that the audit report was signed for the following fiscal year. You will be guided by our experts as you complete the ICV certification procedure.
To assist you organise your accounting records, assure proper ICV certification, and add clarity to the process, we will tell you of the key issues discovered at the conclusion of the assignment. The ICV programme is a forward-thinking project that encourages the UAE’s growth, diversity, and development. In partnership with our esteemed associates, Forthright is thrilled and committed to collaborating with the ICV Committee established by PEs to administer the ICV programme and assist suppliers with their requests for ICV Certification.
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It’s crucial to pick a company that has experience auditing businesses in the United Arab Emirates. We at Forthright offer a complete range of company tax services in the UAE. Everything from accounting services and compliance to excise consulting and Vat return filing consulting is something we can assist you with. To make sure you are in conformity with the most recent rules, we also provide withholding tax services. You can get assistance navigating the complicated world of company taxation from our team of qualified experts. To make sure you are in compliance with all the most recent rules and specifications, we will work with you. To find out more about our services, contact us right away.
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