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Dubai Chamber to host workshops on VAT

Dubai Chamber to host workshops on VAT

DUBAI: The Dubai Chamber of Commerce and Industry will host two workshops in cooperation with the UAE’s Federal Tax Authority (FTA) to provide guidelines for complying with the forthcoming GCC-wide value-added tax (VAT). The Dubai Chamber of Commerce and Industry will host two workshops in cooperation with the UAE’s Federal Tax Authority (FTA) that will provide businesses in Dubai with guidelines for complying with the forthcoming GCC-wide value-added tax (VAT). The workshops complement the Chamber’s efforts to keep its members informed about the latest regulatory developments and requirements, while they also provide an opportunity for business owners and executives to raise questions they may have about the implementation of the new tax.

A workshop will be held on August 8, at Dubai Chamber’s premises that will cover compliance within the UAE’s retail sector, as well as the steps that should be taken during the mandatory VAT registration process. A similar workshop will be held on August 22, which will be attended by importers and exporters. Khalid Ali Al Bustani, director general of the Federal Tax Authority, said: “These workshops are part of the second phase of the joint effort by the Ministry of Finance and the Authority’s tax awareness programme, which started last March. The tax awareness workshops’ aim is 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.