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VAT in UAE: Bookkeeping crucial for firms today
Pritam Mathur; Hanumantha Kumar, managing director, MCA Management Consultants; and Bhavin Raithatha during the VAT Clinic in Ras Al Khaimah on Saturday.
dubai - Proper bookkeeping was alien to this part of the world due to the non-existence of a tax regime
He noted that VAT is prevalent in more than 160 countries but the GCC VAT regime has one of the lowest rates in the world.
Mathur was speaking at the 'VAT Clinic' in Ras Al Khaimah organised by Khaleej Times and ICAI (Dubai chapter) with the support of Qadi Accountants.
L.K. Verma, president, IBPC - Ras Al Khaimah, said VAT starts with the financial reporting system of companies. He said proper bookkeeping was alien to this part of the world due to the non-existence of a tax regime. But this trend has changed now and businesses have to maintain records properly.
Bhavin Raithatha, manager, system, internal audit and risk, Mayur Batra Group, answered queries of ICAI members from the Northern Emirates about implementation of VAT, both from supplier and buyer perspectives.
- waheedabbas@khaleejtimes.com
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