Dubai, UAE: The Dubai Chamber of Commerce and Industry on Tuesday organised and hosted a workshop in cooperation with the UAE’s Federal Tax Authority which aimed to familiarise retailers in the country with the forthcoming value-added tax (VAT), as well as mandatory registration procedures associated with the new tax.
The workshop, hosted at the Chamber’s premises, was attended by over 400 participants representing various retailers in the UAE. The event is part of the second phase of the joint effort by the Ministry of Finance and the Authority’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: “This workshop marked the begining of the 2nd phase of the tax awareness campaign launched by the Ministry of Finance and the Federal Tax Authority back in March, which was successful in achieving its objectives of educating retailers in the UAE about tax procedures, businesses’ tax obligations, the FTA’s role in the implementation process, and the VAT’s contribution towards a more sustainable and diversified economy.”
The FTA’s Director General thanked Dubai Chamber for its support in organising and hosting the workshop, and emphasised the important role that the Chamber plays in keeping businesses in the emirate informed about important regulatory developments. He added that the future workshops would be hosted to raise awareness about the UAE’s new tax system in other economic sectors and help them prepare for VAT before it comes into effect in January 2018.
Atiq Juma Nasib, Senior Vice President of Commercial Services at Dubai Chamber said: “Hosting these types of workshops is a crucial part of raising awareness about the requirements that UAE-based businesses will need to fulfill to prepare for VAT. The highly attended first workshop reflects a maturing private sector that is keen to keep pace with regulatory changes in the country.”
Nasib stressed the Chamber’s commitment to supporting the development of business in Dubai, and enhancing the competitiveness of the emirate’s private sector, adding that the organisation plays a critical role as bridge between the public and private sectors.
A second workshop on VAT compliance for importers and exporters will be held at the Chamber’s premises on August 22nd, 2017.