DUBAI: The Dubai Chamber of Commerce and Industry hosted a workshop yesterday which helped familiarise businesses and professionals with essential, legal and practical aspects of the recently introduced value-added tax (VAT).
The workshop, entitled “The Essentials of VAT”, was held at the Chamber’s headquarters in Deira and organised in cooperation with BSA Ahmad Bin Hezeem& Associates LLP and Moore Stephens LLP.
During the workshop, legal and accounting experts highlighted various legal aspects associated with the new tax and explained how the UAE’s VAT law is being applied to free zone and mainland companies within the country.
The event was attended by DCCI members, lawyers,corporate counsel, VAT consultants, tax professionals, financial managers, financial auditors, chartered accountants, general managers, business owners and investors.
Mr. John Peacock,Head of Indirect Tax and Conveyancing BSA Ahmad Bin Hezeem & Associates LLP, explained that the workshop aimed to ensure business owners are provided with a detailed understanding of the VAT regulatory environment, as well as valuable insights on how the law is being applied throughout the UAE.
“The impact of VAT cannot be underestimated. A business could experience significant losses in the event of ignorance of the law and procedures of VAT administration. BSA is proud to partner with Dubai Chamber to provide valuable information on the UAE VAT Law and the impact of VAT on businesses in the UAE,” said Mr. Peacock.
During the workshop, Terri Bruce, Associate Director at Moore Stephens LLP shared her observations on the implementation of VAT in the UAE over the last few months.
“The presentation emphasised the need to develop robust controls to effectively manage the commercial risk associated with VAT and maintain appropriate governance to achieve success,” said Ms. Bruce, adding that participants were also briefed on key areas which should be managed and monitored in order to ensure compliance with new regulation.
For her part, Ms. Jehad Kazim, Director of Dubai Chamber’s Legal Services Department,said the workshop provided an ideal platform for companies and professionals to improve their understanding of the VAT system, while it also provided them with an opportunity to pose their questions directly to the experts.
Ms. Kazim noted that the strong participation and interest in the workshop reflects a growing awareness among business in Dubai about the importance of complying with the new VAT procedures and aligning accounting practices with the requirements under the new tax system.
Dubai Chamber regularly organises training seminars and workshops to raise awareness about key business trends and laws impacting the emirate’s private sector. These events fall in line with its strategic objectives of creating a favourable business environment and supporting business growth in the emirate. News Desk
