Dubai Free Zones Council conducts VAT workshop

The Dubai Free Zones Council and the Federal Tax Authority organised a workshop on Value-Added Tax (VAT), to be implemented in the UAE from 2018. More than 70 representatives of companies operating across Dubai’s various free zones participated in the event. With the aim of helping free zone entities fulfil their tax obligations, the workshop provided an overview of VAT and related mechanisms, the implementation timeline, products and services it will cover, as well as tax-exempt sectors. The session clarified the impact of the new tax law on activities such as bookkeeping as well as on the preparation of invoices and other financial documents.
Dr Mohammed Alzarooni, Secretary General of the Dubai Free Zones Council, stressed on the importance of the workshop for enabling entities operating in the free zones to prepare for full compliance with the new tax legislation.
He said, “Companies must take effective measures to adapt their operations, financial management and information systems to the new tax environment. The necessary changes are also set to impact professional capacities – accountants will need additional training and the job market may see a surge in tax adviser vacancies.”