READY OR NOT?

dubai — THE UAE business community is VOICING concerns about THE GENERAL READINESS of its members to ADAPT to THE new tax REGIME in less than 40 days. THE latest to RAISE doubts on THE preparedness in EMBRACING THE region’s landmark tax reform is THE HEAD of THE influential UAE banks FEDERATION.

ABDULAZIZ al ghurair, CHAIRMAN of THE UBF AND CEO of mashreq, on WEDNESDAY CALLED for DEFERRING THE implementation of THE value ADDED tax (vat), WHICH is SCHEDULED to BE implemented from january 1, 2018. HE ARGUED that various economic sectors in THE country, especially banks AND insurance companies, ARE not fully prepared for THE enforcement of THE tax reform.

We need at least six months after issuance of the executive regulation provided that the measures for online implementation have been finalised AbdulAziz Al Ghurair, Chairman, UAE Banks Federation

The VAT picture is not clear yet, and it is a real challenge to enforce the tax regime within 40 days Hamad Buamim, President and CEO, Dubai Chamber of Commerce and Industry

The introduction of VAT in the UAE next year — though lowest in the world — leaves our member companies and even industry generally concerned. There is a sincere feeling of uncertainty Ahmed bin Sulayem, Executive chairman, Dubai Multi Commodities Centre