Effective from January 1, 2018, it is anticipated that UAE, along with the other member states of the Gulf Cooperation Council (GCC) will introduce a broad Valued Added Tax (VAT) at a rate of between 3-5%. This course explains how a UAE organisation should account for VAT on its transactions of goods and services with overseas customers and suppliers. This course will lead to more efficient handling of international VAT within your organisation, reducing the risks of fines and penalties. What’s more, your greater understanding will help you maximise VAT reclaims and improve cash flow.
Who will be affected by the new tax?
All businesses in UAE will be affected since VAT will impact most sales of goods and services within UAE where it is anticipated there would be limited exemptions and consumption tax relief. There will be a right for businesses to claim a credit for VAT paid on their expenditures, relating to their business activities. These will need to incorporate VAT into their accounting systems and will need to keep accurate records to demonstrate to the tax authority that they have correctly applied the VAT rules. This course is designed for non-VAT professionals who are involved in making key commercial, real-world business decisions that have a VAT consequence. This course is designed to give Accounting, Compliance, Treasury, Head of Corporate Finance, CFO’s, Finance, Sales and purchasing departments, and logistics professionals a comprehensive overview of the VAT system.