UAE logistics firms must prove VAT-compliance

Companies operating in the UAE will need to prove their VAT compliance to tax officials, A session was held to discuss the impact of VAT on business operations, especially supply chain, working capital, commercial operations and IT systems

When a tax official visits your company, he can ask for your records and it's the responsibility of the retailer, wholesaler or any other company to prove that their company's turnover is less than the mandatory threshold limit

In addition, companies also need to show their records if the company is charging the VAT from the client. Hence, maintaining records would become obligatory for all the entities operating in the UAE

Those companies which are not registered for VAT cannot charge the tax from the customers

It's the responsibility of the companies to prove that they are VAT-compliant in according with the UAE laws as the tax officials from the Federal Tax authority may visit the company to check records to ensure compliance with the new tax regulations

The UAE has announced that it will implement VAT from January 1, 2018, at 5 %. In addition to the UAE, Saudi Arabia has also announced implementation of VAT as part of an agreement between GCC states

If a UAE-based supplier is exporting goods to any registered company in Saudi Arabia, then the local exporter here in the UAE will not have to charge VAT on the goods but the Saudi company will account using the Reverse Charge Mechanism

Similarly, it's vice-versa for Saudi and Emirati companies

VAT Talks Chapter was hosted by Incospro and Katerpillar with AAC's to create a networking session for businesses and entrepreneurs

A VAT Masterclass is being held on September 26^th at the Fairmont Dubai from 9am to 1pm and will cover VAT from every angle, from the basics right up to the more complex VAT rules

(Agenda in detail (from the organisers

Introduction to VAT

Introduction to VAT

?How VAT Works

?Who Should register for VAT or who should't and why

Rules of VAT

Different categories of VAT rates

Compliance of VAT

The VAT Registration Process

Learn the A-Z of VAT registration, which forms to fill in and how to complete them correctly

The accounting basis explained in detail - Make sure you’re accounting for VAT at the correct basis, or you’ll put yourself at a disadvantage

Time of supply rules - Find out when you should be paying and claiming VAT and how to deal with pro-forma invoices

Standard-rated supplies - Discover what items VAT is charged on so you don’t pay over too much (or too little)

Deemed supplies - Learn about the relevant deemed supplies in your business and how they affect your output tax. Plus find out how and when to calculate that output tax

Cash Flow impact of VAT

Business departments impacted by VAT

Sector specific presentation

VATAudit - Here you’ll get all the info you need on how to deal with an audit. It’s a practical session including completing the VAT return with the necessary documents

Documents and general Q+A - Bring your documents and ask questions on all those other little things issues that bother you