Given that VAT is a completely new field to the majority of people in the UAE, a clear and practical guide on the forthcoming introduction of VAT in line with the Federal Decree- Law No 8 is the primary focus of THE UAE VAT FORUM. The agenda and content of the FORUM has been specifically designed to not only be informative as possible, but to allow maximum interchange between speakers and attendees where all questions on the concerns of the business implications of the introduction of VAT will be examined. As such attendance at the FORUM will provide a unique opportunity to decipher all the impending complications that the introduction of VAT may bring to your business.
One might ask why is the UAE implementing VAT and the short answer is the income from VAT, which is expected to be around AED 12bn in the first year, and will support the Government’s budget in continuing the high quality of the supply of public services and is also is in keeping with the Government’s vision in reducing the dependence of oil revenues.
The FORUM programme will consider and debate VAT Fundamentals and their implications for business cash flow, VAT Obligations covering the required compliance and penalties incurred in not doing so and a feature will be two guest panels with the CEO and / or the CFO of companies in the following sectors will share their current experiences; Retail, Trading & Distribution, Hospitality, Real Estate, Healthcare and Education. Involvement in these panels alone will assist attendees in their business VAT planning.
Inevitably the introduction of VAT will a business step change as its implementation is far from simple and involves a myriad of complexities that will include many facets such as upgrading back office system , training sta in VAT tax returns and business invoicing and improving appropriate record keeping.