First BIT Hosts VAT Implementation Seminar to Support VAT Awareness-Raising Campaign for UAE SMEs.
The introduction of VAT will affect almost every business in UAE.
Now, companies in the UAE have less than 12 months to analyze their wide-ranging operations and build out the VAT capability.
The main aim is to create a concrete roadmap to ensure that every business is ready for value-added tax adoption, including processes, people and technology.
The main aim is to create a concrete roadmap that will help to ensure that every business is ready for value-added tax putting into practice, including processes, people and technology.
In order to support VAT awareness-raising campaigns for SMEs in the UAE, First BIT launched a series of free seminars to ensure that businesses identify the key VAT touch points even before the legislation is issued. They also aim to provide organization-wide readiness roadmaps for smooth implementation of VAT.
A Seminar “How to Get your Business Ready for the VAT Implementation?” took place on December 19, 2016, in Media Rotana Hotel (Dubai, UAE).
Over 55 people attended the event, including financial controllers, CxOs, accountants and information technology managers. The topic was covered from different angles and aroused great interest among the participants.
First BIT experts explained how VAT implementation would influence business processes. The VAT Implementation seminar uncovered aspects from sales and marketing (credit items, returned goods, pricing strategies, customer communication) to production and procurement (supplier education, vendor pricing, invoice processing). First BIT’s team of professionals also revealed significant issues on legislation and finance (new and existing contracts, disposal of assets, bad debts, etc.) and IT systems (VAT returns, tax invoices, documentation, system changes).
Seminar organizers especially emphasized the question of rearranging long-term contracts that go beyond January 1, 2018.
“Technology adoption is key to smooth VAT implementation,” says Evgenii Podborskii, First BIT Head of Automation. “To mitigate non-compliance risks, business leaders will need to make changes to their ERP and other IT systems, which will deal with the VAT in a year.”
The company’s flagship solution, FirstBIT ERP, is constantly updated to ensure VAT compliance. “Our team of consultants and technology experts tirelessly monitors and implements all changes to ensure our clients are being fully in line with VAT requirements, such as automated integrity checking or reporting of accrual impacts,” adds Podborskii.
Building on the success of the first workshop, First BIT decided to continue the series of free seminars on VAT implementation. To stay updated of future seminars and updates in the UAE VAT system, make sure to subscribe to our newsletter at UAE@firsbit.ae