Expects to double workforce to service demand

UAE VAT registration begins mid-September 2017[1]

VAT to be implemented in the UAE from January 1st 2018

Market sources suggest 300,000 - 350,000 UAE companies likely to get covered by VAT

Dubai: W T S Dhruva Consultants is pleased to announce that it has been awarded a series of VAT mandates from major UAE businesses across the retail, real estate, insurance, hospitality and energy sectors.

These wins are in advance of VAT, which has been set at 5% for businesses generating annual revenues of more than AED 375,000 being introduced to the UAE from January 1st 2018[2] and rolling out across the wider GCC in due course. The tax will apply to almost all goods and services except a few sectors for example specific aspects of education, healthcare treatment etc.

Dinesh Kanabar, CEO of W T S Dhruva Consultants and Dhruva Advisors, the leading tax advisors in India commented:-

 “With VAT registration imminent, it is expected that there are nearly 300,000 UAE companies potentially required to comply with new tax legislation.  It is therefore critical that these businesses receive professional advice to ensure their businesses are compliant.”

Pratik Shah, Resident Partner and VAT expert at W T S Dhruva Consultants commented:-

 “VAT will impact every aspect of a business from Finance, Human Resources, IT and Systems through to Sales and Marketing as VAT is levied at every stage of the supply chain.   VAT does not only pose challenges but is also an opportunity for organisation to redesign certain aspects of business to mitigate tax exposure at the same time being compliant under the law.  Additionally, new in-house company tax processes will also need to be introduced to support ongoing commitments such as compliance, periodic VAT returns potential refunds as and when appropriate.  With our unique model of partner-led advice, these are exactly the types of services and support we provide, which can have major commercial and competitive benefits for businesses that are properly prepared.  We expect to double our staff to cater for significant demand from the UAE and wider GCC market”.

Dhruva Advisors has recently been named the ‘Indian Tax Firm of the Year’ by Euromoney, and W T S Global has been named ‘Best Indirect Tax Firm’ at the European Tax Awards.

About W T S Dhruva Consultants

W T S Dhruva Consultants is a part of Dhruva Advisors, India. Dhruva Advisors is a boutique tax advisory firm which in a very short span of time has established itself as India’s leading tax firm. Specifically, it is highly regarded for its work surrounding India’s introduction of the Goods and Services Tax (GST) where it works closely with some of India’s largest companies in helping them plan and implement their migration to the GST regime across diversified sectors.

W T S Dhruva Consulting leverages on this expertise and offers end-to-end VAT solutions to clients in the GCC region as countries start moving towards the introduction of VAT. W T S Dhruva works with several of the largest businesses in the Middle East on VAT impact assessment, VAT implementation, training, post-implementation compliance, planning and dispute resolution.

The team comprises of experienced and highly regarded tax professionals with considerable expertise in VAT implementation, compliance and dispute resolution matters across many industry sectors including retail, hospitality, logistics, FMCG, oil & gas, real estate, insurance, IT and other financial services. W T S Dhruva seamlessly leverages its industry expertise to provide business focused and practical insights on VAT implementation and operations.

W T S Dhruva Consultants is headquartered in Dubai, United Arab Emirates and is in the process of expanding its presence in other GCC countries.

To find out more, please visit: www.wts-dhruva.com   

Media Contact
Debjani Mukherjee
FTI Consulting
Debjani.Mukherjee@fticonsulting.com
gccvatquery@dhruvaadvisors.com
M: +971 50 165 8989
T: +971 04 437 2122

[1] UAE Ministry of Finance website

[2] UAE Ministry of Finance website

© Press Release 2017