Purchase of Jewelry expected to be charged 5% VAT

As gold doesn't come under the category of basic household goods , Beside VAT an excise duty will also be applicable on Luxury cars, beverages and tobacco which would be expected between 50 to 100 percent of the sale value. This fee may discourage consumer from making non essential purchases. Moreover excise duty is expected to be implemented before VAT JAN 2018.

 

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2nd edition of the GCC VAT Forum set to place in Meydan hotel Dubai, from 20-21 February 2017

In 2016 GCC VAT forum inaugurated with hundreds of finance heads across the region. This Feb meeting will again host Group finance Managers, CFO's, Compliance managers and Tax directors who want to learn about the new VAT regulations and precisely how it will affect their current company operations, system and process.   

Two days events agenda of GCC VAT forum: 

DAY One:

08:00 Registration with welcome refreshments

08:45 Welcome remarks from IQPC

08:50 Opening remarks from the conference chair

09:00 FRAMEWORK OVERVIEW: Introducing VAT in the GCC

          ■ Outlining the VAT framework that is going to be implemented within the GCC

 ■ Discussing the timelines of when VAT is going to be introduced and how you            can effectively prepare for its introduction

■ Examining which companies and products are going to face VAT and who will   be exempted David Stevens, VAT Implementation Partner, Ernst & Young

9:30 VAT - The CFO perspective

Jeanine Daou, Middle East Indirect Tax Leader, PwC   

10:00 VAT CHECKLIST: What are your responsibilities as a business?

Nurena Tarafder, Senior Manager, Deloitte

10:30 Networking break

11:00 VAT AND SMES: Protecting your business

Rob Dalla Costa, Director, VAT Leader, KPMG

11:30 VAT ANALYSIS: Proactive supply chain management (PANEL)

Rob Dalla Costa, Director, VAT Leader, KPMG
Michael Patchett-Joyce, Barrister, Trends and Research Advisory, Outer Temple

12:00 VAT IMPLEMENTATION: Learning from Malaysia

Bruce Hamilton, Director, Indirect Tax, Middle East, Deloitte

12:30 Protecting your profit: Managing commercial and financial risks of VAT (PANEL)

Clare McColl, Partner, Indirect Tax, KPMG
Nauman Asif Mian, Chief Financial Officer, Bayt.com
Ganesh Prabhu, Finance Director, Perkins+Will
Shady Shaher, Head, Macro Strategy, Global Markets & Treasury, Emirates NBD
Elias Khoury, Head of Finance, Azadea Group

13:00 Networking lunch

14:00 Creating a cross-functional VAT framework for your business

14:30 VAT workforce management

Nauman Asif Mian, Chief Financial Officer, Bayt.com
Muhammad Fazil, Director of Finance, The Address Dubai Marina
Elias Khoury, Head of Finance, Azadea Group

15:00 GCC VAT Q&A: Your questions answered

David Stevens, VAT Implementation Partner, Ernst & Young
Justin Whitehouse, Indirect Tax Leader, Middle East, Deloitte
Clare McColl, Partner, Indirect Tax, KPMG
Jeanine Daou, Middle East Indirect Tax Leader, PwC

16:30 Closing remarks from the chair and end of forum day

DAY Two:

08:00 Registration with welcome refreshments

09:00 Start of workshops

10:00 Networking break

11:00 Workshops continue

11:30 Networking lunch

14:00 End of workshop day

FOR MORE INFORMATION OR TO REGISTER Tel: +971 4 364 2975 | Email: enquiry@iqpc.ae www.gccvatforum.com

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Minster of Economy says VAT will generate DHS 20 billion in Second year

UAE plans to implement VAT in the next year 2018 along with other GCC countries, which could generate Dhs 20 billion in the Second year and Dhs 12 Billion in the first year of implementation As per Ministry of Economy Sultan Al Mansouri.

Gulf countries planned to less dependent on oil revenues and able to generate income from non-oil sources such as VAT. This was started back in 2015 when the restriction was removed in the way fuel prices are set and surge in water and electricity tariff. Higher taxes on tobacco and taxes on other goods such as soft drink are also expected.

Dhs 248 billion of federal budget approved by UAE cabinet for the next five years, with ultimate focus on health, education and  social development, expenditure are expected to be Dh 48.7 billion leaving an insignificant deficit.

Minimising dependence on oil and investing in the strategic sector will generate growth from non-oil sector. It is expected in 2020 revenue from non-oil will reach 4.6 percent as per ministry.

IMF proclaim that introduction of VAT with such low rate of 5% could earn only 1.5 to 2 percent additional to GDP of Gulf states. In OCT 2015 Fund said the Gulf States has combined fiscal deficit from 2015-2019 of more than $700 billion if they didn't take reforms.

The majority of  Business professionals believe reforms such as the implementation of VAT, cutting subsidy on fuel will have a positive effect on economy and imperative to amplify the development in the region. 

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