Monday 25 June 2018

First Bit-BDO seminar to focus on VAT in UAE

DUBAI, April 16, 2017

First Bit, a global IT company and BDO, a worldwide network of professional services firms, have partnered on a joint seminar on VAT implementation in UAE.

The event will bring together seasoned tax professionals, technology experts and top managers to help local businesses build their expertise on the practical aspects of VAT implementation.

In particular, the companies will give a joint VAT implementation seminar on April 17 at the Address Boulevard hotel in Dubai, featuring global experts from Malaysia and the UK and focusing not only on methodological, but also on technological aspects of transition.

Starting from January 1, 2018, a 5 per cent VAT will be introduced in the UAE. It is expected to have a deep impact on the way businesses operate in the whole region. Early preparation is a key to a successful transition to the new business environment in terms of people, processes, controls, and technology.

“Interest in VAT is rising rapidly and we are receiving a numerous requests for advice and assistance with VAT implementation. However, some businesses are still delaying their preparations for the new tax,” said Brian Conn, regional head of VAT at BDO.

“This is a worrying trend and the time it will take to get ready for VAT should not be underestimated, particularly if major changes to systems and accounting processes are required – which will be the case for many businesses. If the trend continues it is likely that a large portion of the business community will not be ready. It is also likely that the demand for advisory services will outstrip supply making it more difficult for businesses to prepare.

“The message is simple: if businesses are not already preparing for VAT, the time to start is now,” he added.

The speaker line-up includes BDO’s executive director Mok Chew Yin and Brian Conn, as well as First Bit’s business development manager Hakim Kuvatov and head of Automation Evgenii Podborskii.

Key topics to be covered in the seminar include:

•    Latest news on how the introduction of VAT is progressing across the GCC.
•    Analysis of the VAT Framework Agreement and country-by-country laws (as at the time of the seminar).
•    Early steps to be taken by businesses to get ready for VAT implementation.
•    Building a roadmap for a smooth transition and full compliance from day one.
•    Preparing IT systems for VAT implementation.

Unlike many similar events, which focus mainly on methodology and advisory, the seminar will specifically cover the aspect of technology readiness for VAT implementation.

“Technology adoption is critical to a successful VAT transition,” said Evgenii Podborskii, head of Automation at First Bit. “To ensure compliance from day one, businesses will have to customize their IT systems and if its in-house IT resources are sufficient to do this, or if an external consultant is needed.”

In addition to insights shared by the hosts, seminar attendees will also have access to personal consultations and demos of the latest software solutions for VAT compliance.

Combining BDO’s worldwide strategic vision and First Bit’s technological competence allowed the organizers to create a seminar that provides a truly 360-degree view of the upcoming changes and the actions that can be taken right now to better prepare for them.  – TradeArabia News Service

Tags: BDO |

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