Business

November 20, 2016 - The Lebanese Business Council in Dubai as well as Northern Emirates (LBC) in Dubai has actually held a seminar today (Sunday, 20th November 2016) covering the intro of the value-added tax (VAT) in the GCC, in a tie up with Deloitte Tax practice the Middle East. The occasion discussed the effect of the implementation of the brand-new tax obligation system among businesses in the region and also the suitable responses that need to be taken by them to prepare for its application.

The initiative was held to clarify the range of BARREL and aid affected companies comprehend the scale of its impact in order to guarantee a smooth change right into the BARREL system. The UAE is the first country in the GCC to reveal that it will proceed with the BARREL execution at a price of five percent starting January 2018.

The seminar was led by Justin Whitehouse, Deloitte Indirect Tax leader in the Middle East, that has significant global experience in tax obligation systems in your area and throughout boundaries. The seminar highlighted the introduction of tax obligation reforms in the Middle East with a key focus on drivers for the reform, presented indirect tax and VAT, and also talked about the expected payment of VAT to the economy and also various other functions of the tax obligation. The timing and intent of VAT, as well as the next steps that the economic sector could take while focusing on the impact of VAT on businesses were likewise covered.

Charles Jeha, President of the Lebanese Business Council, said: "The Lebanese Business Council in Dubai and also Northern Emirates held this seminar in action to the need for a platform for the exchange of sights and also sharing of suggestions among the Lebanese and also Gulf business markets on different concerns that each one will encounter as the VAT system obtains underway across the GCC, especially in the UAE, which is continuing of its next-door neighbors in regards to implementation. It is absolutely needed that services are equipped with the appropriate knowledge as well as updates in order to make the right choices and go through the entire process with the least disruption to their operations."

Justin Whitehouse, Deloitte Indirect Tax leader in the Middle East, commented: "We are honored to partner with the Lebanese Business Council to give our expertise as well as further shed light on the key features of VAT. The introduction of the VAT system in the GCC has actually been met with mostly acceptance as a needed change to the neighborhood economies from regional services as well as customers. Nevertheless, organisations are not all taking the steps they can to get prepared early. The occasion is extremely prompt as companies need to deal with the problem to make sure that they get on the same web page with the federal government as well as prepare themselves for the ultimate changes in their audit systems."

Deloitte tax obligation technique Middle East uses clients a broad variety of completely integrated tax solutions. Their strategy combines insight and innovation from numerous techniques with service and also industry knowledge to help firms succeed regionally as well as throughout borders.

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