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UAE Freezones Biz News Updates
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Most of Hamriyah, Saif zone firms have registered for VAT
Hamriyah
Free Zone and Saif Zone house more than 14,000 companies from 156 countries.
Most of Hamriyah, Saif zone firms have registered for VAT
The two free zones house more than 14,000 companies from 156 countries
Most companies in Hamriyah Free Zone and Sharjah Airport International Free
(Saif) Zone have registered for the value-added tax (VAT), which will come
into effect from January 1, 2018, said a senior executive.
"We have done a VAT seminar for our clients and we have already informed
them about laws. We are also working with consultants who are assisting us
in terms of compliance," said Saud Salim Al Mazrouei, director, Hamriyah
Free Zone and Saif Zone.
Replying to a question about how many companies have registered for VAT, Al
Mazrouei said that it's difficult to put down the numbers but most of them -
if not all - have registered and those who have not yet done it will have to
do so by the end of the month to fulfil the requirement of UAE laws. The two
free zones house more than 14,000 companies from 156 countries with 35 per
cent of them from India.
Al Mazrouei was speaking on the sidelines of 'VAT Open World' conference in
Dubai on Sunday. The conference was organised by the UAE's first English
daily newspaper Khaleej Times in cooperation with The Institute of Chartered
Accountants of India (ICAI) and supported by Qadi Accountants, a boutique
advisory firm that provides services ranging from audit, accounting,
advisory and taxation.
Al Mazrouei doesn't see any major effect of VAT because five per cent is one
of the lowest rates in the world.
December 19, 2017 |
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Courtesy Khaleej Times
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