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Taxation Society hosts insightful event on UAE VAT law amendments

The event brought together tax professionals, business leaders, and industry experts to explore the latest amendments to the UAE VAT regulations and their impact on the business environment

Published: Thu 21 Nov 2024, 5:09 PM

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On November 7, the Taxation Society hosted an engaging seminar titled ‘New Developments in UAE VAT Law: Implications for Businesses’ in Dubai. The event brought together tax professionals, business leaders, and industry experts to explore the latest amendments to the UAE VAT regulations and their impact on the business environment.

Nimish Makvana, president of the Taxation Society, inaugurated the session by emphasising the importance of staying abreast of regulatory changes. He stated: “These amendments reflect the UAE’s dynamic business environment and highlight the need for continuous adaptation to evolving regulations.”

Adding to the discussion, Naveen Sharma, chairman of the Taxation Society, remarked: "Our aim is to equip businesses with the knowledge and tools needed to navigate these changes effectively. These amendments carry significant implications for compliance and operational strategies."

Bhawna Chopra, partner at Premier Brains Global and Treasurer of the Taxation Society, underscored the practical significance of the changes. “The recent amendments to VAT laws present both opportunities and responsibilities for businesses. This event is designed to empower organizations with the insights they need to adapt and thrive.”

Ishan Kathuria, partner at PwC UAE, highlighted the broader economic impact of the amendments, noting: "The recent changes to VAT regulations are a pivotal step towards simplifying compliance and fostering business growth. With over 30 updates, including extended exemptions for financial services such as virtual asset trading and licensed investment fund management, these changes demonstrate the UAE’s commitment to building a competitive and progressive economic landscape. Businesses must carefully evaluate these amendments to remain compliant and capitalise on the opportunities they present."

Ankur Jain, associate partner at MMJS Consulting, elaborated on the practical benefits of the new rules: "The latest VAT amendments introduce greater flexibility in proving export transactions with alternative documentation. Additionally, businesses can now claim input VAT credit for medical insurance expenses for a spouse and up to three dependents under 18 years of age. These impactful changes, effective from November 15, will significantly ease compliance burdens."

The seminar provided attendees with vital insights into the evolving VAT framework, equipping them with the knowledge required to ensure compliance while adapting to new opportunities. It reinforced the importance of proactive preparation in an ever-changing regulatory environment, helping businesses position themselves for continued success.



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