Dubai, UAE – Business leaders from around the world came together recently to mark the launch of a new VAT qualification by the Association of Accounting Technicians (AAT), the world’s leading professional body for technical accountants and bookkeepers. The qualification has been designed to support individuals and companies in the GCC region in getting up to speed with the new VAT regulations and help them understand how the tax affects their business.
Co-hosted by Phoenix Financial Training, a Dubai-based training provider, the event that took place at the Dubai World Trade Centre drew the participation of global experts, local businesses and training providers.
The new qualification assists businesses with applying VAT procedures, completing VAT returns and reporting VAT-related information to avoid fines and penalties for non-compliance.
Charlotte Eaton, International Account Manager for the MENA Region at AAT, said: “Nearly a year since VAT was introduced in the UAE, many businesses are still playing catch-up on the relevant processes, and adapting to the new skillsets and systems needed to comply with the legislative requirements. The intricacies of VAT implementation may still pose a challenge.”
She added: “Businesses must be able to understand the VAT legislation as completely as possible to save both time and money on errors. The new qualification teaches them the knowledge and skills they require to comply with VAT regulations and practices, and ensures they are well-equipped to work with the system.”
The qualification provides training on the scope of VAT, the duration of the tax period, the differences between the supply of goods and services, and items that are applicable or exempted from VAT across member states of the Gulf Cooperation Council (GCC).
In addition, businesses and individuals get to learn who is liable to pay VAT, how to treat imports and exports on a VAT return, how to calculate the net VAT payable to or refundable by the relevant tax authority, and which entities to communicate with on VAT-related matters.
The qualification also covers the preparation of VAT returns, including the time limits for submission, and the consequences of errors and omissions.
All learning outcomes can be transferred into the workplace immediately to guarantee prompt compliance with the new VAT laws.
David Thomasson, Managing Director of Phoenix Financial Training, said: “We are pleased to be working with AAT and place a high value on its track record of delivering practical, business relevant qualifications. We believe this certification will greatly help businesses in UAE. Employees, advisors and business owners who study it will learn how to work with VAT quickly and be able to use that knowledge to follow all UAE regulations. This will ensure that businesses stay compliant and avoid any disruption from fines or mistakes.”
For more information on the VAT qualification, please visit www.aat.org.uk/GCCVAT
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About the Association of Accounting Technicians
The Association of Accounting Technicians (AAT) is a world-leading qualification and professional body for technical accountants and bookkeepers with over 130,000 members in 100 countries. The entity offers a range of qualifications that are open to all regardless of previous education or age, such as the AAT accounting qualifications that can provide a route to chartered accountancy, and the AAT bookkeeping qualifications that can support business growth through accurate and up-to-date financial records. Its programmes cater to a wide range of students – from high school and college graduates to working professionals aspiring to change their career or learn to run their own business.
An AAT Accountant is a qualified accounting professional with the practical and technical skills needed to support businesses with their accounting activities. Typical job roles of an AAT Accountant include Financial Accountant, Commercial Analyst, Senior Finance Officer, Payroll Manager, VAT Accountant and Tax Supervisor.
For more information, please contact:
Jude Obi, Assistant Media Relations Manager
AAT
0207 397 3026
Adam Harwood, Media Relations Manager
AAT
0207 367 1392
Tasneem Riyaz, Associate Account Director
APCO Worldwide
(m) +971 52 863 1680
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