Upcoming EventsSep17Sunall-day 4th Middle East Cyber Security C...4th Middle East Cyber Security C...Sep 17 – Sep 20 all-dayMiddle East nations are witnessing significant economic and technological transformation due to growing business opportunities in large industries such as banking, financial services, insurance (BFSI) in the region. With the rapid economic growth and the increasing threat of cyber crimes, … Continue reading →Sep26Tueall-day Electric Vehicles UAE ConferenceElectric Vehicles UAE ConferenceSep 26 – Sep 27 all-dayTo support EV integration in the UAE His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council, launched the Dubai Green Mobility Initiative as part of the Dubai Clean Energy … Continue reading →all-day Intersolar Middle East @ Conrad Dubai HotelIntersolar Middle East @ Conrad Dubai HotelSep 26 – Sep 27 all-dayThe most Powerful Solar Conference in the MENA Region taking place September 26-27, 2017 at the Conrad Dubai Hotel in the United Arab Emirates read moreSep27Wedall-day Smart Parking UAESmart Parking UAESep 27 – Sep 28 all-dayThe 3rd Annual Smart Parking UAE 2017 conference will bring a fresh approach to government authorities who will share their experiences at every stage of implementation. The event will reach into healthcare facilities, high access areas and real estate development … Continue reading →all-day Smart Parking UAE ConferenceSmart Parking UAE ConferenceSep 27 – Sep 28 all-dayThe 3rd Annual Smart Parking UAE 2017 conference will bring a fresh approach to government authorities who will share their experiences at every stage of implementation. The event will reach into healthcare facilities, high access areas and real estate developments … Continue reading →8:00 am Kingdom Call Center TransformationKingdom Call Center TransformationSep 27 @ 8:00 am – Sep 28 @ 5:00 pmWith the National Transformation Program 2020 the call center industry is under focus and has been on progressive path. The $100 million call center market of Saudi expected to grow in the near future. While understanding the Saudi market, it … Continue reading →
Tag Archives: VAT
January 2018 marks the moment for all VAT registered businesses across the GCC to start keeping records of their transaction documents: invoices, records, VAT returns, accounts and others. According to the Tax Procedures Law recently released by the President of the UAE, the retention period of VAT records for all UAE-based businesses will be 5 years. This new obligation will be particularly challenging to organisations with a big volume of documents, such as trading companies, because it implies extra administrative duties and additional costs of space rental. With this in mind, electronic archiving appears to be a true enabler and facilitator for GCC businesses, offering compliance with the legal changes and easy access to transaction documents for tax audits.
It has been a while since the UAE and the other GCC countries signed an agreement to implement VAT by 1 January 2018. For many companies there may be a misconception that just because it is going live in 2018, they can wait until then before they start the process of preparing for VAT.
With less than six months until the GCC implements value added tax (VAT), a new survey from ACCA (the Association of Chartered Certified Accountants) and Thomson Reuters has found that there is a significant lack of preparation and awareness among businesses in the region of how it will affect them.
Uncertainty persists as to when precisely Value Added Tax (VAT) will be introduced in the member states of the Gulf Cooperation Council (GCC), and the process surrounding a roll-out. However, given the fiscal pressures in the region, the introduction of taxation seems inevitable and could cause short-term cash-flow issues for insurers.