BULLS VS BEARS | Tax Time
Will the proposed value-added tax bite deeper into UAE retailers, supermarket chains and their suppliers, or will it make businesses more efficient, more productive and simplify the processes? The big four accounting firms do brainstorming on how firms in the UAE can become VAT ready
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AT (value-added tax), is seemingly making its way to the Gulf region. While for decades, governments
around the world have relied on indirect taxes such as VAT for extra revenue, with more than 140 countries have already implemented a full VAT regime at present, VAT has so far been quite unheard of in the Gulf. But it could make its way sooner, as per recent reports. While VAT is considered an important step for the regional economies to diversify their revenue streams from the traditional petrodollars, it has also raised various issues in terms of its impact on the companies operating in the UAE and the region. Undoubtedly, VAT will pose enormous administrative challenge for businesses operating in the UAE. Wealth Monitor invited a panel of experts from the big four accounting
firms to discuss the possible steps companies/firms in the UAE could plan for in anticipation of the VAT. The experts tried to get insights into what it is that companies can do to attune their processes to the impending tax? What measures companies must start considering now prior to the introduction of VAT? Will companies have to make substantial changes in their business functions, such as finance, legal, IT and strategy? How VAT will affect companies’ accounting systems and what changes companies need to make to their own accounting practices? How a SME company/trading establishment and retailers, such as grocers and chemists, will ensure that its dues are correctly invoiced? And here’s what they had to say….
wwwwea thalt -mon tor com www..wealth-monit o ito .co | Feb uar
om | February 2016 ebruary 201 016
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