Business leaders from around the world came together recently to mark the launch of a new VAT qualification by the Association of Accounting Technicians (AAT), the world’s leading professional body for technical accountants and bookkeepers. The qualification has been designed to support individuals and companies in the GCC region in getting up to speed with the new VAT regulations and help them understand how the tax affects their business.
Co-hosted by Phoenix Financial Training, a Dubai-based training provider, the event that took place at the Dubai World Trade Centre drew the participation of global experts, local businesses and training providers.
The new qualification assists businesses with applying VAT procedures, completing VAT returns and reporting VAT-related information to avoid fines and penalties for non-compliance.
Charlotte Eaton, International Account Manager for the MENA Region at AAT, said: “Nearly a year since VAT was introduced in the UAE, many businesses are still playing catch-up on the relevant processes, and adapting to the new skillsets and systems needed to comply with the legislative requirements. The intricacies of VAT implementation may still pose a challenge.”
She added: “Businesses must be able to understand the VAT legislation as completely as possible to save both time and money on errors. The new qualification teaches them the knowledge and skills they require to comply with VAT regulations and practices, and ensures they are well-equipped to work with the system.”
The qualification provides training on the scope of VAT, the duration of the tax period, the differences between the supply of goods and services, and items that are applicable or exempted from VAT across member states of the Gulf Cooperation Council (GCC).
In addition, businesses and individuals get to learn who is liable to pay VAT, how to treat imports and exports on a VAT return, how to calculate the net VAT payable to or refundable by the relevant tax authority, and which entities to communicate with on VAT-related matters.
The qualification also covers the preparation of VAT returns, including the time limits for submission, and the consequences of errors and omissions.
All learning outcomes can be transferred into the workplace immediately to guarantee prompt compliance with the new VAT laws.
David Thomasson, Managing Director of Phoenix Financial Training, said: “We are pleased to be working with AAT and place a high value on its track record of delivering practical, business relevant qualifications. We believe this certification will greatly help businesses in UAE. Employees, advisors and business owners who study it will learn how to work with VAT quickly and be able to use that knowledge to follow all UAE regulations. This will ensure that businesses stay compliant and avoid any disruption from fines or mistakes.”Email This Post