UAE’s first VAT’s Application unveiled

Dubai / Emirates Business

Dubai-headquartered regional law firm, BSA Ahmad Bin Hezeem & Associates LLP has launched UAE’s first VAT’s App, during Gitex 2016. The application is aimed at addressing the needs of people, who would want to know more about the impact of value added tax (VAT) on their business and once the legislation is final, have a simplified calculation tool. The app will soon be available on the Apple Appstore and Google Play Store. Senior Management from the law firm are present at GITEX to answer the queries with regard to VAT and a host of other solutions within the legal framework in Sheikh Saeed Hall S2-A21 and S3-A21.
The UAE will start implementing VAT at a rate of five percent from January 1st, 2018. Value Added Tax (or VAT) is an indirect tax and is levied on supplies of goods and services. Although certain business sectors such as education, medical services and social services will not be liable to charge VAT on their services and just over a hundred essential food items will be exempt from VAT, the implementation of VAT in the UAE will affect all businesses across the spectrum. According to the recent estimates by the International Monetary Fund (IMF), a VAT rate of five percent would create additional revenue equivalent to approximately 1.5 per cent of the UAE’s gross domestic product of between AED10 and AED12 billion per annum.
Dr. Ahmad Bin Hezeem, Senior Partner of BSA Ahmad Bin Hezeem & Associates LLP, said, “This is a step ahead in the VAT direction. We are proud to be one of the sponsors of the 36th GITEX Technology Week and are equally delighted to launch our very first mobile application on value added tax. We received a lot of enquiries from our customers and we wanted to support them. Our team them decided to capitalize on the power of technology and created this useful app that will come in handy for the industry stakeholders while calculating their VAT.”