By Julia | December 12th, 2017 | VAT
As UAE gears up for VAT implementation from 1 January 2018, there is a growing demand for Professional accountants (CAs) in the business houses for professional consultation and advice that helps them prepare for the new tax regulations. Reports claim that CAs from India especially are in high demand in the firms in UAE as plenty of residents in the country are well-versed with Hindi. Riding this wave, hundreds of accountants from India have already made the Middle East their home for the upcoming months. The businesses in UAE are set for significant upheavals following the VAT implementation as the economy of the country faces a new dawn with the introduction of the taxes that will be implemented in UAE from the first day of 2018. Resulting as a joint decision by the Gulf Cooperation Council, UAE leads the way in the implementation phase while the other countries are expected to follow suit by the first quarter of 2018.
Straight from the horse’s mouth
It has been a busy year for the Indian Professional accountants at home and in UAE with the implementation of GST in the country in July followed by the announcement of VAT implementation in UAE from 1 January 2018. The CAs from India have been much-valued professionals in this sector as following any tax regulation implementation, the business and economic models for trade and commerce have to go through major upheavals. And who better to guide the businesses through these tricky times than experts who deal with such issues every day? It is thus all in a day’s work for the Indian CAs who have temporarily shifted to the UAE as a result of growing demand for expert professional help in the financial and accounting sector, enabling the businesses to understand and find ways to update their operations and strategies while preparing for the upcoming VAT implementation.
The CAs, when contacted, were of the opinion that such a growing demand for knowledgeable financial planners, advisors and accountants in the UAE is largely because the VAT is the first of this kind of major levy that is being implemented there. The businesses in the Middle East are in great need for awareness and education about the taxes and the systems, and hence they are relying heavily on the professional knowledge that they can gain from the CAs. On the other hand, the entire VAT system also takes the consumers into account, as they will also have to purchase the taxable goods, services and products at a VAT-inclusive price. Coming of help for all sorts of queries, from simple to more complex ones, the CAs of Indian origin who are currently in the UAE are offering their professional consulting services to the businesses in the country that require their help.
VAT at a glance
The Ministry of Finance (MoF), UAE announced the introduction of the new law as Federal Decree – Law no. 8 of 2017 that announces the implementation of a Value Added Tax (VAT) on goods, services and businesses. All set for implementation from 1 January 2018, the VAT covers almost all kinds of goods, products and services (unless mentioned under ‘exempt’ in the VAT regulations) and levies a tax on their supplies. Here are a few quick facts about the new VAT regulations in the UAE that is to be implemented soon.
Although the new VAT rules in UAE are relatively simple, having a professional financial advisor is the best way to tackle VAT-related issues for a smoother transition for your business as the shift requires elaborate VAT calculations and a total reordering of the business accounts that are in tune with the new taxes.
The CAs from India are thus coming of great help to the businesses in the UAE as the demand for more professionals in the sector grows in the country. However, the flipside to this coin is that not all CAs are available as most of the best minds are already engaged in massive consultation projects with large business conglomerates in the country. As a result, some of the medium and small enterprises in UAE are still in doubts about who to employ at this eleventh hour to rescue them from the meandering lanes of new VAT rules and regulations.
The situation thus stands at thousands of CAs from India helping out the large businesses while the small and medium enterprises are still in doubts about the right ways to go to prepare for the upcoming VAT implementation. The best way out for them is to take help from the trusted professional experts online who have a team of experienced CAs onboard and can provide effective solutions for their VAT queries.
Unsure of how to incorporate changes into your business model following the VAT implementation in UAE? We can help you! Our team of determined and dynamic financial advisors at Uaevatexpert.ae can provide you with assistance for any VAT-related issue for your business. Having years of experience in effective financial consulting, our accountants have express solutions for any issues in the VAT implementation stage for your business. Staying abreast of all VAT regulations and processes of registration, we can also help you with auditing, filing tax returns and company registration for free zones as well as offshore businesses.
Along with our host of impressive financial advisory and VAT consultation services, the dynamic professionals at Uaevatexpert.ae also strive tirelessly for providing solutions regarding the monitoring, auditing and analyzing of your business model to provide you the best advice and services for incorporating the necessary changes in your business model ahead of the VAT implementation. Our online support personnel are also available 24*7 to lend a patient ear to all your VAT queries and suggest you effective solutions best suited to your business. We take a great deal of care in advising and guiding the businesses in the country to introduce the necessary and VAT-friendly changes in their operations as well as the financial framework. Go ahead and get in touch with us at Uaevatexpert.ae today to give your business the much-needed VAT-friendly makeover!
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