Dubai, UAE: The Dubai Chamber of Commerce and Industry recently organised and hosted a workshop in cooperation with the UAE’s Federal Tax Authority (FTA), which aimed to familiarise importers and exporters in Dubai with the forthcoming value-added tax (VAT), as well as mandatory registration procedures associated with the new tax.
The second and final workshop, hosted at the Chamber’s premises, was attended by over 500 participants representing import and export businesses in the emirate. The event is part of the second phase of the joint effort by the UAE Ministry of Finance and the FTA’s tax awareness programme, which aims is to keep the UAE’s business community informed on new tax laws and compliance procedures.
H.E. Khalid Ali Al Bustani, Director General of the Federal Tax Authority, said: “The workshops provide an ideal platform to raise awareness and engage the business community about the compliance requirements and procedures that need to be completed as they prepare for VAT. In addition, these events aim to enhance businesses’ understanding of how the tax system works, as well as the objective behind introducing it in the UAE.”
The FTA’s Director General explained that importers and exporters are a vital part of the UAE’s economy that stand to play a greater role in the country’s sustainable development going forward. He described the registration process for VAT as simple, efficient, and transparent, and added that the tax procedures fall in line with the best international standards.
For his part, Atiq Juma Nasib, Senior Vice President of Commercial Services at Dubai Chamber, noted that the highly attended workshops on VAT reflect a growing awareness among business in Dubai about the importance of preparing for VAT and fulfilling all necessary requirements well in advance.
Nasib said the Chamber would continue to play an active role to inform businesses in the emirate about important regulatory developments, and provide them with a platform to address their questions and concerns.
The FTA earlier announced that UAE-based companies will be able to begin registering for VAT on the authority’s website from mid-September 2017. Around 300,000-350,000 companies are expected to be registered for VAT when the new tax is introduced in the UAE on January 1, 2018.