The Dubai Chamber of Commerce and Industry recently hosted a workshop in cooperation with the Federal Tax Authority, FTA, to familiarise importers and exporters in Dubai with the forthcoming value-added tax as part of the joint efforts made by the Ministry of Finance and FTA to keep the business community informed on the new tax laws and relevant compliance procedures.

Khalid Ali Al Bustani, FTA Director-General, 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 functions aim to enhance businesses' understanding of how the tax system works, as well as the objective behind introducing it in the UAE."

He also explained that importers and exporters are 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 workshops reflect the growing awareness of businesses in Dubai about the importance of preparing for VAT and fulfilling all necessary requirements well in advance. Nasib added 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.

Source: WAM