The forthcoming value-added tax, VAT, will be the core and crux of two workshops to be organised by the Dubai Chamber of Commerce and Industry in cooperation with the UAE’s Federal Tax Authority, FTA, this month to provide businesses in Dubai with guidelines for complying with the forthcoming GCC-wide tax.
The workshops complement the DCCI's efforts to keep its members informed about the latest regulatory developments and requirements, providing an opportunity for business owners and executives to raise questions they may have about the implementation of the new tax.
The workshops, to be held on August 8th and August 22nd, will cover compliance within the UAE’s retail sector, as well as the steps that should be taken during the mandatory VAT registration process. The August 22nd workshop that will be attended by importers and exporters.
Commenting on the activities, Khalid Ali Al Bustani, Director General of FTA, said: "These workshops are part of the second phase of the joint efforts by the Ministry of Finance and the Authority’s tax awareness programme, which started last March. The tax awareness workshops aim to keep the UAE’s business community informed on new tax laws and compliance procedures. We are working with government institutions in the country, including chambers of commerce to host these workshops and educate businesses on the implementation of the new tax laws and compliance requirements detailed in the Federal Tax Procedures law, in addition to the objectives of introducing indirect taxes in the UAE to support stability and economic diversification through sustainable sources of revenue to finance major infrastructure projects and provide high quality services in the country."
Atiq Juma Nasib, Senior Vice President of Commercial Services at Dubai Chamber, explained that the workshops will aim to familiarise the business community with the concept of VAT, the registration and implementation process associated with the new tax, and its potential impact on the UAE’s business community.
"The workshops will support the Chamber in its efforts to provide more clarity for businesses on VAT, and enhance their understanding of its impact on the UAE’s private sector. The events will also serve as an ideal platform for importers, exports and retailers to discuss regulation and bring up other important matters that are impacting the local business community," he said.