Dubai Chamber Workshop Highlights Important Legal Aspects Of VAT

The Dubai Chamber of Commerce and Industry hosted a workshop today which helped familiarise businesses and professionals with essential, legal and practical aspects of the recently introduced value-added tax (VAT).

The workshop, entitled “The Essentials of VAT”, was held at the Chamber’s headquarters in Deira and organised in cooperation with BSA Ahmad Bin Hezeem & Associates LLP and Moore Stephens LLP.

During the workshop, legal and accounting experts highlighted various legal aspects associated with the new tax and explained how the UAE’s VAT law is being applied to free zone and mainland companies within the country.

The event was attended by Dubai Chamber members, lawyers, corporate counsel, VAT consultants, tax professionals, financial managers, financial auditors, chartered accountants, general managers, business owners and investors.

Mr. John Peacock, Head of Indirect Tax and Conveyancing BSA Ahmad Bin Hezeem & Associates LLP, explained that the workshop aimed to ensure business owners are provided with a detailed understanding of the VAT regulatory environment, as well as valuable insights on how the law is being applied throughout the UAE.

“The impact of VAT cannot be underestimated. A business could experience significant losses in the event of ignorance of the law and procedures of VAT administration.  BSA is proud to partner with Dubai Chamber to provide valuable information on the UAE VAT Law and the impact of VAT on businesses in the UAE,” said Mr. Peacock.