Dubai, UAE, 25 November, 2017: The Dubai Free Zones Council and the Federal Tax Authority held the second edition of an informative workshop on value-added tax that will be implemented in the UAE starting from 2018. The event, which took place at the Dubai Police Officers’ Club, drew the participation of more than 1,000 representatives of companies operating across Dubai’s various free zones.
With the aim of helping private free zone-registered companies fulfill their tax obligations, the workshop provided a comprehensive overview of VAT and related mechanisms, the implementation timeline, products and services it will cover, as well as tax-exempt sectors. The session clarified the impact of the new tax law, announced in March 2017 by the Ministry of Finance and the Federal Tax Authority, on activities such as bookkeeping as well as on the preparation of invoices and other financial documents.
Dr Mohammed Alzarooni, Secretary General of the Dubai Free Zones Council, stressed the importance of the workshop in enabling entities operating in the free zones to prepare for full compliance with the new tax legislation.
He said: “We were delighted to witness the ample participation at the second workshop on value-added tax. The Dubai Free Zones Council works proactively to empower free zones in the emirate, highlight their role in attracting investments, and help them enhance their contribution to the local economy.”