First BIT and BDO give a joint seminar on VAT implementation in the UAE
With less than 8 months left before the introduction of VAT in the UAE, local companies strive to come prepared for the impending changes. To support them, First BIT and BDO UAE gave a joint seminar on VAT implementation for local businesses.
The seminar took place on April 17 in The Address Boulevard Hotel in downtown Dubai and featured global experts, who shared their technical know-how and worldwide experience to help participants stay abreast of relevant VAT matters and implications for the UAE’s key sectors. The event was an unmitigated success, with more than 150 people attending from all functions and industries.
Speakers included BDO’s Partner Mok Chew Yin and Regional Head of VAT at BDO Brian Conn, as well as First BIT’s Head of Automation Department Evgenii Podborskii.
According to Brian Conn, Regional Head of VAT at BDO, “VAT affects all parts of business, and it is vital to form a project team, carry out an impact assessment, and make a plan as soon as possible.”
BDO specialists shared the proposed timeline for such a plan, which consists of the following phases:
Phase 1. Impact assessment & implementation road map.
- Review and mapping of the ‘as is’ position
- Identify VAT touch points and risk
- Design a road map
- Assess system capabilities
Phase 2. Plan and build; blueprinting design; implementation roll out, testing; staff training.
- Plan and design process, accounting and IT requirements
- Identify additional software needs
- Implement system and process changes
- Testing and dry-run
- Run training program
- Communicate with clients and suppliers
Phase 3. VAT compliance; system and reporting support
- Assist with submitting first VAT returns
- Review first returns and system outputs
- On-going VAT compliance
- Systems support
Unlike many similar events, which focus mainly on methodology and advisory, the seminar also specifically covered the aspect of technology readiness for VAT implementation, underlining the harmonic partnership between BDO and First BIT.
“Successful VAT transition is impossible without technology adoption, and companies must understand if their current IT systems are VAT-compliant or have to be customized by integrating a tax engine.” said Evgenii Podborskii, Head of Automation Department at First BIT. “Sometimes, the best way is to implement a new, state-of-the-art solution that would provide benefits both in pre- and post-implementation period and will help them stay up to date with all VAT developments,” he added.
In addition to the presentations given by the hosts, seminar attendees had access to personal consultations and demos of the latest software solution for VAT compliance — FirstBIT ERP.
Given the event’s success, the organizers plan to give more such workshops in future.
About BDO UAE:
BDO is a worldwide network of professional services firms, called BDO Member Firms. With more than 64,300 people working out of over 1,400 offices in 152 countries, BDO is one of the leading professional firms in the world providing audit, advisory and consulting services with revenues of US $7.3 billion. BDO UAE is the UAE based Member Firm of BDO International.
About First BIT:
First BIT is a global IT company that provides business automation and IT solutions worldwide with 80 branch offices in five countries. Over a period of 19 years, First BIT has helped customers transform business processes through comprehensive business automation solutions and a full range of IT infrastructure services. The company’s track record includes numerous successful VAT implementation and more than 150,000 automation projects.