Business leaders from the UAE gathered together at an ACCA event in collaboration with Thomson Reuters to discuss the impending introduction of VAT (Value Added Tax) across the region and the importance of ensuring compliance pre-1 January 2018.
During the event led by Arif Mirza, Regional Head of Policy MENASA, ACCA; attendees heard from Chas Roy-Chowdhury, Global Head of Taxation at ACCA; Sana Azam, VAT Director at E Pierre Arman, Tax & Accounting Market Lead, Thomson Reuters and an esteemed panel which included leaders from across key industries.
Chas Roy-Chowdhury commenced the morning providing a high-level overview of VAT in the UAE, followed by Sana Azam who shared how VAT will impact key industries in the country.
Ascertaining the impact VAT will have on a business and the changes required is an essential step in any VAT implementation process.
The event highlighted that with less than six weeks from implementation, organizations should already have their VAT management plan in place to ensure compliance from 1 January 2018.
Research is undertaken by ACCA and Thomson Reuters earlier suggested that while there is an awareness that VAT will have a broad impact, only 11% of respondents understood the impact that VAT implementation will have on their business.
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