On November 7, the Taxation Society organized a compelling seminar titled ‘New Developments in UAE VAT Law: Implications for Businesses’ in Dubai. The event gathered tax professionals, business leaders, and industry experts to delve into the latest modifications to the UAE VAT regulations and their effects on the business landscape.
Nimish Makvana, president of the Taxation Society, kicked off the session by stressing the significance of keeping up with regulatory updates. He noted: “These modifications mirror the UAE’s vibrant business environment and underscore the necessity for ongoing adaptation to changing regulations.”
Naveen Sharma, chairman of the Taxation Society, added: “Our goal is to provide businesses with the knowledge and resources required to effectively manage these changes. These amendments have substantial implications for compliance and operational strategies.”
Bhawna Chopra, partner at Premier Brains Global and Treasurer of the Taxation Society, highlighted the practical importance of these changes. “The recent VAT law amendments offer both prospects and obligations for businesses. This event aims to empower organizations with the insights needed to adapt and succeed.”
Ishan Kathuria, partner at PwC UAE, discussed the broader economic implications of the amendments, stating: “The recent VAT regulation changes are a crucial move towards simplifying compliance and promoting business growth. With over 30 updates, including extended exemptions for financial services like virtual asset trading and licensed investment fund management, these changes reflect the UAE’s dedication to creating a competitive and progressive economic environment. Businesses must thoroughly assess these amendments to stay compliant and leverage the opportunities they offer.”
Ankur Jain, associate partner at MMJS Consulting, detailed the practical advantages of the new rules: “The latest VAT amendments provide more flexibility in proving export transactions with alternative documentation. Furthermore, businesses can now claim input VAT credit for medical insurance expenses for a spouse and up to three dependents under 18 years of age. These impactful changes, effective from November 15, will considerably ease compliance challenges.”
The seminar offered attendees crucial insights into the evolving VAT framework, arming them with the knowledge needed to ensure compliance while seizing new opportunities. It emphasized the importance of proactive preparation in a constantly evolving regulatory landscape, aiding businesses in positioning themselves for sustained success.
Source link: https://www.khaleejtimes.com
