Indian Business and Professional Council (IBPC), Ras Al Khaimah chapter in association with RAKEZ, has organized a seminar on the Policy and Implementation of the proposed Value Added Tax (VAT) in UAE. A panel of experts comprising of CA. Varadarajan, Director, International Taxation from Stuart & Hamlyn Chartered Accountants, CA. Girish Chand, Director, MCA Management Consultants, Mr. Nadaraja Shetty.K, Sr. Manager, Business Development, Tally Solutions Pvt Ltd. and Ms. Julia Stolyarova-Vinci Solutions made their presentations on various aspects of Value Added Tax with special emphasis on its impact on individual businesses.
The seminar addressed the overall framework of VAT, specific challenges relating to VAT implementation, VAT automation, managing VAT compliance and reporting across the GCC and planning opportunities and fraud risks associated with VAT regimes.The seminar was attended by more than 250 business people. The event started with the one minute silence for the martyrs of UAE. The panel members have interacted with the participants and clarified their doubts queries on the topic..
“The Value added tax will influence our personal and professional life, but no need to panic while preparing for VAT regime rather align your resources and work for it. In UAE, VAT is getting introduced at 5% compared to global average of 15-18%.” said Mr. L.K.Verma, Secretary General, IBPC, he also welcomed the gathering and moderated the panel discussion. Mr. Rajeev Krishnan, from the Bank of Baroda(RAK) proposed vote of thanks.
VAT Proposed Structure in UAE
Tax Reforms in GCC, 2018 (VAT Implementation)