First BIT helps Abu Dhabi Businesses Correct VAT Errors & Avoid Penalties

First BIT and Emirates Chartered Accountants Group together with Khalifa Fund, and The Institute of Chartered Accountants of India Abu Dhabi Chapter, teamed up to hold a free seminar dedicated to correcting tax management within the recent introduction of VAT. The seminar took place on August 15, 2018 at St. Regis Abu Dhabi.

The seminar “VAT Accounting & Bookkeeping: How to Avoid Penalties?” brought together more than 220 people including tax professionals with global expertise, renowned accounting specialists, and government representatives and discussed VAT tax accounting from all sides, sharing their experience with all comers, and provided valuable practical recommendations for effective tax management in various forms of entrepreneurship.

The key speakers include CA. Manu Nair, CEO at Emirates Chartered Accountants Group, and Pavel Zhgulev, Solution Architect and Product Manager at First BIT. During their sessions the seminar speakers uncovered the following topics:

• The latest accounting requirements under UAE VAT law.
• Penalties for non-compliance of VAT law.
• Typical errors in VAT returns to avoid.
• How to correct errors in VAT returns that have been already submitted.
• The benefits of accounting automation.
• Accounting automation tools and techniques.

Unlike other events in the niche, the teamwork of the best specialists from First BIT, Emirates Chartered Accountants Group and partners such as the Khalifa Fund and Institute of Chartered Accountants of India Abu Dhabi Chapter brought real value to attendees and gave detailed answers to all questions about VAT management the UAE-based entrepreneurs have today.

First BIT will continue hosting free seminars to help local businesses get all the necessary knowledge and recommendations for setting up proper VAT accounting processes and get familiar with all modern accounting

If you did not get a chance to participate in the seminar, feel free to contact our specialists at +971 4 439 6900.