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VAT Seminar

Gulf Tax VAT Presentation – NAFL – 21 May 2017

by mbrotzakis mbrotzakis No Comments

Mr. Brotzakis, CEO of Gulf Tax Consultants, presented to NAFL member companies the latest updates on VAT.

During his speech, he highlighted the impact of VAT to operations and finances to 3/4PL companies operating in the United Arab Emirates and the GCC.

Furthermore, he pointed the need to assess, correctly and timely implement and comply with the upcoming local VAT legislation.  Companies operating having offices (subsidiaries or branches in the GCC) will need to work with regional tax consultants, like Gulf Tax, because each GCC Member Country will have its own local VAT law which although following the Unified VAT Agreement will  still have procedural and reporting differences.

Closing, he stressed the need for training of all people in the company with emphasis on Finance and Operation Departments.  During his speech he quoted:

“No matter if your ERP is VAT compliant and correctly setup. No matter if you have developed best procedures and controls. If your people are not trained you are bound to fail.  You must invest in your people, train them and keep them updated with all new law changes”

VAT Seminar on NAFL – April 18th 2017

by mbrotzakis mbrotzakis No Comments

Presenting the impact VAT will have on the Logistics and Freight Forwarding Industry at UAE’s National Association of Freight & Logistics event held at Meydan Hotel on the 18th of April 2017. As a Tax Consultant with 20+ years of experience in the E.U, offered insights on the challenge the industry will have to face. Correct application of VAT rules in international, local and intra-GCC transactions, where the legs of transportation, place of delivery and who is your customer will stress Finance & Billing departments to correctly charge VAT on services offered. The key areas the member firms of the industry will have to focus is update of IT systems with focus on VAT controls, strong KYC (Know-your-customer) and above all extensive & repeated training of their Finance and Billing departments.