With the announcement by the Ministry of Finance that VAT will be implemented in the UAE by 1st January, 2018, companies are on a limited timeline to prepare for the first phase of VAT implementation in their business. HLB Hamt tax department have already made substantial progress on preparing their tax administration systems and focusing its clients to develop their business in preparation for VAT.
As such, HLB Hamt hosted a full day training to its staff on 1st April, 2017. VAT specialist & tax expert Mr. Prashanth KL, Partner Guru & Jana (HLB India) took us through the session. The programme demonstrated how VAT works and its implementation throughout the GCC, Latest updates from Ministry of Finance, the mechanics of VAT calculations, VAT registration and who should register for VAT, the goods and services VAT is likely to be taxable and the VAT treatment applicable to different types of supplies etc.
SAGE Middle East joined the training session with Mr. Manas Das, Channel Manger, SAGE ME, explaining the vital inputs on the technological impact of VAT on business and its implications on IT systems & how to adapt to the new VAT rules.