"Market intelligence and networking platform brings thought leaders and decision makers together to highlight the different aspects of the much-talked-about Value Added Tax in the 4th outing.
The event ended on a note that 2018 could be challenging for the trade in UAE, but the event has enough sessions for the awareness for the upcoming."
Dubai, 23rd November 2017: MAZ Chartered Accountants, the region's leading audit, taxation, financial and management consultancy, held its 4th MAZ Annual Seminar, which brought together some of the region’s most prolific financial and accounting leaders to talk about Value Added Tax (VAT), which is going to be implemented in the UAE from 2018.
“This is the fourth year in a row that we have brought together thought leaders and experts on a platform to share ideas and knowledge on industry trends. This year, our focus is on the implementation and impact of VAT or Value Added Tax in the UAE. With the introduction of VAT in 2018, it was imperative for us to get together to pave the road ahead and develop a clearly-etched role that accountants must play once this new tax comes into action.”, said MAZ Business Development Manager, Ghazanfar Jaffri.
In his talk about the financial and operational aspects of Value Added Tax, Syed Imran Hasnain Jaffery, Lecturer – National Institute for Vocational Education, noted that the money collected through Value Added Tax (VAT) will be an instrument of fiscal policy to stimulate economic growth and to promote economic stability in the country.
“Value added Tax is expected to generate AED 10-20 billion of revenues in the first year of its implementation. This will prove crucial for forming a stable economy which was quite missing in the oil revenue.” added Jaffery.
Mansoor Khan, Business Development Director – FS Global, in his keynote spoke about the strategic role of Certified Public Accountants in VAT implementation, noted that the first strategic role of a certified public accountant is to assess the impact of Value Added Tax (VAT) on the people, processes and business; which will be followed by the second strategic role of assisting organizations in the preparation of changes required to cope up with the Value Added Tax (VAT). The third responsibility, he added, will be for Certified public accountants to ensure compliance to VAT laws.
Talking about the impact of Value Added Tax on Financial Services, Senior Associate Tax Lawyer at Arendt and Medernach Advocates, Nicholas Conrad, listed out the financial services that are exempt from Value Added Tax. These services include Lending, Deposit-taking, Life insurance products, Trading in shares, Bonds, Derivatives and Foreign exchange among others.
Other topics in the spotlight included the impact of Value Added Tax on Inflation where Wasif Ghani, Head of Math’s Department – The Bloomington, highlighted the long-term and the short-term effects of Value Added Tax and noted that the country could witness a price rise and inflation, which will need to be dealt with in the short-term.Compliance to Value Added Tax was discussed at the Seminar. In his talk about the impacts and aspects of Value Added Tax (VAT), Nabeel Haider, Audit Manager – MAZ Accountants, said, “It takes less time to comply, on average, in countries where businesses use online filling and payment method. There is a correlation between VAT compliance burden and the time delay in receiving a VAT refund. Typically, where it takes longer to receive a refund, it takes longer to comply.
The seminar was aimed at gauging the near future and making a roadmap for accountants and finance professionals dealing with the implementation of Value Added Tax (VAT) in the UAE. The insights and ideas that were shared by the speakers and attendees will go a long way in making this transition, a smooth one.