KT, ICAI to hold VAT Clinic to answer key questions

Dubai - More than 100 attendees from a range of sectors will participate

Key issues and concerns of individuals and corporate executives about upcoming value-added tax (VAT) will be addressed at a forum on November 25, which will see participation of more than 100 attendees from a range of sectors.
Organised by the UAE's leading and first English newspaper Khaleej Times in collaboration with the Institute of Chartered Accountants of India (ICAI) - Dubai Chapter, experts at the VAT Clinic will answer the queries of the attendees about their respective fields as well as any other concerns about the tax during the interactive sessions to be held at the Khaleej Times' office in Al Quoz.
"People still have a lot of questions about registration, particular items, industries and free zones such as how they will be treated under VAT. There are different questions that still need to be answered and require clarification. We are giving society solutions to their practical issues they are facing," said Naveen Sharma, chairman, ICAI - Dubai Chapter.
The UAE will impose five per cent value-added tax from January 1, 2018, on a host of goods and services. Certain products and services have been kept under zero-rated and exempted by the Federal Tax Authority. However, the executive regulations are still awaited.
According to Sharma, the ICAI Dubai Chapter had received 500 questions within an hour of sending an invitation to its members with 200 confirming their participation. Hence registration to attend the VAT Clinic has closed within an hour.
"Experts are analysing those questions. We have four experts who will respond to the attendees' questions on a range of sectors including retail, construction, hospitality, transport, logistics, aviation and other sectors," he added.
The questions, according to Sharma, that the members have sent are on VAT clarification about services in free zones, and reverse charge mechanism, taxation on schools, buying car and begin payments in January after VAT introduction and vice-versa.
Anish Mehta, secretary, ICAI - Dubai Chapter, will deliver the welcome address while Naveen Sharma will give a key note speech ahead of the interactive session on VAT.
Nirav Shah, mentor, Fame Training Institute; Pratik Shah, partner, Dhruva Advisors (indirect tax); Mayank Sawhney, director, MaxGrowth Consulting; and Pavithra Balaji, statutory and tax operations leader, General Electric Co; will update the attendees about the regulations and answer their questions during the three-hour session.
- waheedabbas@khaleejtimes.com