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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VAT on property

As UAE government is under the process of drafting the complete UAE Tax Law so it still unknown how much the personal transaction will be affected after the implementation of VAT. Currently, there is no guidance of VAT on property transactions but if UAE adopted the model of UK and Europe, it could be expected that new build commercial property will be eligible for VAT. Before the release of VAT implementation, these debates are tentative but however imperative for corporate planning purpose. 

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VAT Return Payable Period

Once business registered for VAT it has to submit its VAT return on regular basis. The default period for VAT return will be 3 months for most of the companies.

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Responsibilities of VAT Registered business

It's the responsibility of VAT registered companies to keep the financial record up-to-date and free from error. The financial record will be checked as evidence that company fall in the minimum annual turnover needs to register for the VAT. Those companies who doesn’t fall in minimum annual turnover criteria should also keep their record ready for any occasion for government to establish either they fall in VAT registration criteria.

 VAT Registered Companies:

-    Generally Charge VAT on it sales of goods and services.

-    Can recover VAT paid on expenses raised for business purpose and for the purchase of goods and services.

It's the responsibility of VAT registered entity to submit the detail of VAT charges received through online VAT return submission. If entity charged more than paid it has to pay the difference to the government, if vice versa then can recover VAT from the government.

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Who should register for VAT?

If a business or vendor supplies of good and service meet the annual turnover limit set by the government and also trade in those supplies which come under the scope of VAT. 

-Under the first phase companies whose annual turnover is between the band of 1.87 million   to 3.75 million Dirham have option either to register for VAT or not. 
-Companies whose annual turnover exceed 3.75 million limit are obliged to register for VAT     online system. 

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UAE VAT Rate for JAN 2018

As announced by MOF (Ministry of finance) VAT likely to be imposed on a consumer from 1st of JAN 2018, Rate expected to be as low as 5%.

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