First BIT Showed UAE Businesses How to Prepare for VAT
A seminar titled “Preparing Your Business for VAT” was held in the Dubai Media Rotana hotel on March 23. The event was organized by First BIT, a leading developer and integrator of software solutions based on the 1C accounting and management automation platform.
The value added tax, scheduled to come into effect in the UAE on January 1, 2018, will affect virtually all aspects of company operations, including:
● Contracts and finances,
● Purchasing and production,
● Sales and marketing, and
● Information technology,
While finance ministers of the Gulf Cooperation Council (GGC) are yet to finalize the VAT Agreement, local businesses should already start preparing for its enactment.
During the seminar, the First BIT team, whose VAT experience includes dozens of successful VAT implementation projects, showed an action plan that UAE businesses can already follow to adapt to the incoming changes as quickly and smoothly as possible.
The final section of the event was dedicated to Q&As and informal interaction between attendees and First BIT employees.
More than 100 people visited the seminar, which was held in the Russian language, including CEOs, CFOs and CIOs from various industries. The attendees actively participated in the discussion and shared their own experiences, proving the importance of the topic for UAE companies.
“Many understand that the VAT will seriously affect local businesses,” says Alexander Smolyaninov, managing partner at First BIT UAE. “But few can prepare a comprehensive VAT implementation plan for all business aspects — which is why events such as ours are of great importance.”
Given the success of this and previous seminars on the topic, one can confidently expect them to be repeated in future.