RSM UAE hosts VAT seminar to ensure timely preparedness

Dubai - MENA Herald: RSM, one of the leading audit, tax and advisory service companies globally, hosts a VAT Seminar for companies in the GCC to understand the introduction and implementation of Value Added Tax. Hosted at The Meydan Hotel on October 4, 2016, titled ‘Let’s Talk VAT’ event provides companies in the GCC with a general understanding of Value Added Tax (VAT) and its likely impact on their businesses.
Key speaker, Mr. Martin Dane, Associate Director, RSM UK said, “I am excited to be speaking at the ‘Let’s Talk VAT’ in the UAE. Value-added Tax is one of the most complex taxes facing businesses. With the new introduction of value-added tax in the GCC, it is imperative that companies take necessary actions in order to prepare themselves for the new system. I would like to advise companies in the GCC to start creating awareness and looking into the potential impacts of the new taxes on their business, including margins and cash flows. Anticipating, understanding and budgeting for Value-Added Tax is key.”
Mr. Bassam Dahman, Managing Partner, RSM UAE said, “We are extremely pleased to host the VAT event here in the UAE, where GCC’s biggest companies are bracing themselves for the introduction of value-added tax (VAT). As a leading audit, tax and advisory service company and owing to our global expertise, we are looking forward to consulting companies and advising them on the timely preparedness ahead of the introduction of VAT in the region.”
The seminar gathered together, key industry leaders from various industries who were advised on the four-step VAT Strategy, starting with beginning to plan for its introduction, considering the application of VAT provisions to the business, reviewing and developing VAT compliant accounting systems and training personnel at all levels to consider the effect of VAT on their role.
Mr. Shehab Gargash, Chairman, Daman Investment representing the Financial Services, Real Estate and Hospitality Industry; Mr. Vishaal Shah, CEO, Panache International representing the Food Manufacturing Industry and Mr. Martin Dane, Associate Director, RSM UK, a global VAT Practitioner participated in a panel discussion which was moderated by Mr. Rakesh Pardasani, Partner, RSM UAE discussing the possible impact of the introduction of VAT in different businesses.
Globally RSM provides varied business sectors with tailored, practical and commercial advice which is specific to suit the business needs.