On December 14, 2016, Moore Stephens, Dubai organized a seminar on Value Added Tax (VAT) at the Roda Al Bustan Hotel for some of its clients and associates.  The objective of the seminar was to provide clients with the fundamentals, concepts and deeper understanding of the technical aspects of VAT, the implementation of which is currently underway across the GCC.  Whilst the draft law is still awaited, the implementation of VAT in the UAE is proposed to take effect from January 1, 2018.



The seminar was led by Ms. Terri Bruce, Associate Director for VAT at Moore Stephens LLP, London, United Kingdom.  Terri is a Chartered Tax Advisor with over 25 years’ experience in advising businesses on VAT matters.  She was supported in her presentation by Mr. Adnan Mufti, Partner at Moore Stephens in Pakistan where he heads the Indirect Tax Services (VAT/ GST).  He possesses over 17 years experience in VAT services and assists leading businesses in the matters of law, compliances and litigation.

The seminar, which was well attended by CEOs, CFOs, Finance Managers, Commercial Managers, Procurement Managers, Cost and Budget managers, covered the following:

•    Why VAT is being introduced and where the program for implementation has reached in the GCC
•    Outline which countries have a VAT system and which are new to VAT – this demonstrated the        importance of VAT to a modern economy
•    Feedback on the immediate effect of the implementation of VAT on the economy and on businesses
•    How VAT works in principle
•    What to expect in the implementation of VAT which could be different from elsewhere
•    What business ought to be doing to prepare for VAT, including issues such as software readiness, staff        training, contract review, etc.
•     Typical issues and problems clients may face with the record keeping, dealing with the tax        assessing authorities and other related matters
•    Risk management in VAT
•    Possible implementation plans/road maps
•    How Moore Stephens can help clients through its Middle East network

The seminar ended with a questions and answers session which prompted some very interesting discussions.