FINANCE


Businesses urged to be ready for VAT in the Gulf


Midlands companies with operations or business interests in the UAE, and other countries in the Gulf, are being urged to be ready for the introduction of VAT in January 2018. Moore Stephens, a Top Ten


accounting firm, is advising clients across the region on the potential implications of the introduction of VAT in the Gulf Cooperation Council (GCC). VAT is expected to be introduced


with effect from 1 January 2018, meaning businesses trading within the GCC have little time to prepare for the significant changes. Terri Bruce, Tax Director at


Moore Stephens, said: “It has been announced that the UAE will introduce VAT at five per cent in 2018, and the UAE and other countries across the GCC are expected to ratify treaties imminently. “The new rules have crept up on


a lot companies and will be in force before we know it, and it’s important to be prepared as soon as possible.


Businesses will then be required to charge, collect and pay the tax over to the authorities. Terri said there are many potential


issues businesses trading within the GCC need to be aware of. “While VAT is charged and


Terri Bruce


‘Businesses will need to amend systems, processes and procedures’


“The amount of work required


for each company will depend on the size and complexity of a business and it is essential that businesses consider the impact now and determine how best to deal with it.” Each member state in the GCC is


expected to issue its own national VAT and exercise tax legislation.


collected by businesses on behalf of the Government, and as such should not be considered as a cost, there will be an additional burden in terms of administration and compliance with the new legislation. “Businesses will need to amend


systems, processes and procedures and will need to ensure they comply with the new requirements. “This extends to charging VAT on


supplies at the correct rate, calculating VAT deductible on purchases, calculating the overall net amount of VAT to pay or refund and showing the required information. “It is expected that there will be


a penalty regime applicable in cases of errors made, so it is vital businesses have the right systems and procedures in place and to seek professional advice if in any doubt.”


Rapid growth for the East Midlands


PwC’s latest UK Economic Outlook reveals the East Midlands has the fastest growing economy in the UK outside of London and the South East. PwC’s forecast projects GVA


growth in the East Midlands will grow by around 1.6% in 2017, slowing to 1.3% in 2018. That puts the region as the fastest growing regional economy outside of London and the South East, along with the South West, and represents an increase on PwC’s November 2016 forecast of one per cent growth in 2017. Commenting on the report,


Paul Norbury, Senior Office Partner for PwC in the East Midlands, said: “The East Midlands’ economic and industrial strengths provide the region with an infrastructure to withstand the current uncertainty as we prepare to leave the EU. This was reflected in the recent commitment to the region through the Midlands Engine Strategy.”


Your People – Your Business – Your Success


Unique positioning in the recruitment industry can be challenging. Astute’s team re-positioned themselves to become a specialist SME financial recruitment business, recruiting solely for industry. What’s more, Astute is the only recruitment business to offer a Triple-Point-Guarantee. If things go wrong, they work with their clients to fix the problem and will penalise themselves financially in the process. This boils down to confidence in the provision of a service second to none and gives comfort to businesses using the services of a recruitment company for the first time.


With a new website, social media channels and a business development strategy, which has nothing to do with selling, they’ve gained new regional recognition and picked up numerous awards.


Astute Recruitment - Specialist Financial Recruiters St Michael’s, Queen Street, Derby DE1 3SU


Tel: 01332 346 100 Email: derby@astuterecruitment.com Web: astuterecruitment.com


business network May 2017 57


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