Impact of VAT on business discussed

Dubai / Emirates Business

Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, hosted a high-level conference to discuss the implications of value-added tax (VAT) on businesses in the UAE. The tax will kick in on January 1, 2018.The event convened more than 200 senior bankers, management consultants and experts from finance. Attendees included representatives of prominent local and global establishments such as Deloitte, Grant Thornton, Thomson Reuters, Algorithm Research and Stuart & Hamlyn Chartered Accountants.
The one-day conference addressed a variety of topics including the economic impact of
VAT, learning experiences from other countries that have implemented the tax, and new regulations affecting the financial sector and businesses in general.
Across six lectures, the speakers explained the intricacies of the new taxation law with a focus on how it will influence the day-to-day operations of financial and business entities.
Explaining the background of the event, Jamal Al Jassmi, General Manager of EIBFS, said: “The upcoming implementation of VAT in the countries of the GCC region represents a landmark tax reform, ushering in a new era in the world of public finances and providing a stable revenue base for the future. With the UAE economy maturing and diversifying away from oil dependency, this is the right time for such a step. However, businesses, especially small and medium-sized enterprises, have to adopt certain measures to prepare for the new tax so that January 2018 does not bring any unpleasant surprises.”