CA Naveen Sharma
ICAI UAE Dubai Chapter wishes you all a Happy 46th National Day of the UAE.
Key Development on Value added Tax in UAE
His Highness Sheikh Mohammed bin Rashid al Maktoum, Vice-President and Prime Minister of the UAE and ruler of Dubai, signed the executive regulation (ER) for Federal Decree Law No.(8) of 2017 on Value Added Tax (VAT), on November 27, 2017. With the release of the ER, the Government has cleared the final piece of legislation required to implement VAT with effect for 1st January 2018.
Value Added Tax (VAT) v/s Value Added Training (VAT) - a month to master.
This landmark tax reform is bound to open many opportunities for accounting, tax and software professionals in the UAE. We all have one month to master this vital VAT law. Your chapter is celebrating the month of December as VAT month and before I share few more initiatives which we are going to take this month, I would like to share with you the background of some key initiatives and ideas which our chapter have already implemented and executed:-
ICAI VAT certification course
On Friday, the 24th November 2017, it was truly a dream come true, as ICAI, India launched its first ever international certification course, which is available for 100% of the chartered accountants living in the UAE. The VAT certification program is truly the first international certification course of our institute. A group of chartered accountants met in the month of June 2017 and discussed the possibility of designing a unique VAT certification course for the UAE, which will empower our fellow members to become knowledgeable about the concepts of value added taxation and the key features of the VAT law, given that almost all businesses will come under gambit of the law. We firmly believe that it will improve the employability of our members and will enrich the image of our institute.
It was truly a proud moment for our chapter when president CA Nilesh Shivji Vikamsey acknowledged our request and instantly approved the certification program- the rest is history. This is the right step by our institute being an international professional body which caters to global needs. This is an excellent course and ICAI has published an excellent book and various articles as well. I urge all the members to take advantage of this unique opportunity to get trained in VAT from the expert faculties, who are truly world-class. Members can contact our knowledge village office (04-3672250) for this certification course.
Other executive initiatives:
We have also launched many other key initiatives in the past two months to impart as much knowledge as possible to our members.
Month to master: on VAT. We have started
• VAT online quiz from ICAI website and face book.
• VAT open day.
• VAT zero hours.
• VAT clinic.
Few initiatives on VAT- Coming soon………
ICAI Dubai chapter’s VAT radio
Your chapter will soon launch ICAI Dubai’s VAT radio in association with leading radio channel in the UAE where almost members and even non-members can ask questions on VAT to VAT experts. Details of timing and dates will be announced in due course.
The best way to learn is through the power of games. Your chapter will host a very unique event where we all learn VAT, through interactive games, quizzes, puzzles etc. Don’t miss the fun of VAT games.
VAT Open World
Your chapter will host VAT open world, a mega full day event in the month of December. It promises to cover everything under the ambit of VAT including executive regulations.
Your chapter will host VAT masterclass for in-depth understanding of key concepts.
The second edition of VAT clinic will be on 6th of December and few more will be held in association with leading English newspaper of the UAE, Khaleej Times.
Last but not the least; your chapter will take the VAT learning journey to the middle of the sea with the ICAI Dubai chapter VAT cruise. Learning has no boundaries, let us stretch our limits of our learning to the middle of the ocean!
As the countdown to VAT implementation date begins, we have one month to master, let us enjoy the VAT learning journey together as journey is the reward.
With best regards,
CA Naveen Sharma
ICAI - UAE (Dubai) Chapter.