EO UAE chapter holds VAT workshop for members with Grant Thornton
Entrepreneurs’ Organisation (EO) UAE, the local chapter of the network of entrepreneurs, attended a VAT Workshop sponsored and hosted by Grant Thornton.
The VAT session focussed on updating the EO members on the current law in place in the UAE; what stage companies should have reached in their implementation phase; who needs to register and general insights, including how companies should prepare. The two hour session was run by Grant Thornton experts including Gurdeep Randhay, Head of VAT and Tax; Jeff O’Connell, Senior Director VAT, and Harsh Bhatia, Manager at Grant Thornton UAE.
In January 2018, Saudi Arabia and the UAE will implement five per cent VAT to certain good and products. In order to be ready, Grant Thornton advised the following stages in order to prepare over the final three months of the year:
Phase 1: Impact assessment through a VAT mapping programme of each business operation
Phase 2: Response strategy and roadmap preparing a practical plan from the mapping phase – are the right people in place, do core operations need to change?
Phase 3: Target operating model – Design the best structure to manage the impact to VAT to maintain relationships and processes with vendors and supplier
Phase 4: Implement, test and monitoring – finalising templates and rollout
“It is just three months until the full VAT laws are in place on 1 January 2018 and companies must be ready. The session on VAT we hosted for Entrepreneurs Organisation’s members was well-attended showing the interest and need for information on VAT that still exists. As a small business it is important that you comply therefore seeking out and using guidance from experts is an important step. Companies must start now reviewing the impact of VAT to their business and customers now if they have not already,” said Randhay.