Grant Thornton is honored to be one of the Certifying Bodies to implement the National In-Country Value (ICV) Program for the Ministry of Industry and Advanced Technology (MoIAT)
Understanding the ICV guidelines and correctly completing the ICV template is crucial for achieving a higher score.
A detailed understanding of the ICV Guidelines and knowing how the score is achieved for each attribute will help you gather the best possible score.
One example: Separately listing specific expenses such as Government expenditure, Rentals, Water & Electricity etc) and separately identifying and listing all local suppliers.
Providing proper supporting evidence for Expenses, Revenues and Property, Plant and Equipment (PPE)
Proper classification of expenses and supporting evidence in terms of their nature is very crucial to claim a score on these items in ICV. Examples of this include:
- Providing the WPS records to obtain the credit of manpower;
- Separate identification of export revenues will result in a higher score rather than reporting total revenues;
- Any net increase in PPE will also attract a bonus score.
Importance of your suppliers being ICV certified
In order to achieve a higher score, it is crucial for an entity to work with companies that are also ICV certified and, ideally to engage with the suppliers with the highest ICV scores as compared to their competitors. This should be factored into a company’s tendering process.
Increasing revenues from exports will always lead to a higher ICV score.
Increased employment of UAE nationals in your workforce will always result in a higher ICV score. Related training and development expenses of UAE nationals can also increase the score.
Donations to Sandooq Al Watan/Government Universities) are also counted towards Emiratization and will also enhance the score.