The UAE’s Ministry of Finance has recently announced a series of VAT and excise awareness sessions, although the UAE government has yet to share the relevant legislation.
The UAE’s Ministry of Finance has recently announced a series of VAT and excise awareness sessions, although the UAE government has yet to share the relevant legislation. The awareness sessions will begin on 21 March and run through until mid-May 2017.
This initiative is a strong indication of the government’s intention to implement VAT early in 2018. This leaves a very short window of opportunity for businesses to assess – and prepare for - the impact of VAT on their operations and pricing.
Based on our experience with similar implementations in Australia and Malaysia, businesses should act now. Delaying preparations until the legislation is publicly released will only mean less time to make the necessary changes to IT systems to ensure VAT is captured, invoicing processes are compliant and the reports needed to file VAT returns are correctly generated.
These MOF awareness sessions may leave certain questions unanswered. Our local VAT team can tailor an awareness session specifically for your business.
Please contact our VAT experts for more information.
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