PHOTO
Dubai, United Arab Emirates: RAKBANK continues to raise awareness about the tax system that was implemented back in January 2018 by inviting its Business Banking customers to attend a comprehensive workshop on Value Added Tax (VAT) at the RAKBANK headquarters in Dubai Silicon Oasis. The objective of this workshop is to create a platform for the Bank’s Business Banking customers to discuss and understand the practical aspects of VAT implementation, VAT features, and filing process, which was followed by a Q&A session.
The Bank invited speakers from Morison Menon, a global association that offers comprehensive auditing and business solutions, as well as representatives from Sage, the market leader in cloud business management solutions, to give RAKBANK’s customers a complete overview about the VAT’s next phase and what needs to be done from a business perspective.
Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK, said: “RAKBANK is delighted to have top representatives from Morison Menon so graciously speak at the VAT workshop. The aim is to offer our Business Banking customers a detailed roadmap about the next phase of the VAT’s functionality and its features. We also invited one of our business partners, Sage, to speak about their VAT compliant Accounting Software, which is a convenient digital solution that supports the businesses’ financial requirements.”
Commenting on the workshop, Sheetal Soni, CEO and Managing Partner of MI CAPITAL, said: “UAE Economy is going through several structural changes in recent times and that has impacted several sectors particularly SME segment in the country. It is wonderful initiative on part of RAKBANK for its client base and creating awareness on such regulatory changes that may impact their business.”
Ibrahim Parwaz, Strategic Manager at Sage, said: “VAT continues to be a hot topic of interest in the UAE as businesses endeavor to comply with local tax regulations. We would like to thank the Business Banking team at RAKBANK for inviting us to the workshop. With Sage Accounting, a cloud-based FTA approved accounting solution, we enable businesses to be tax compliant whilst empowering them to focus on what matters most to them - their customers and growing their businesses. With a cloud-based solution they can run their accounting anywhere at any time.”
-Ends-
About RAKBANK
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 38 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
About Morison Menon
Morison Menon is an Independent Member of Morison KSi, a global association of independent accountants, auditors, tax advisers, business consultants and lawyers established to meet the comprehensive needs of clients. With a team of over 450 professionals across the region, they offer holistic solutions in multiple domains to help their clients create Better Businesses – Globally. MI CAPITAL is part of the group comprises of a team of experts who work together to serve clients on a broad range of Corporate Finance and Business Consulting matters. AJMS Global, is part of the group, focusing on regulatory compliance and corporate restructuring
About Sage
Sage (FTSE: SGE) is the global market leader for technology that helps businesses of all sizes manage everything from money to people – whether they’re a start-up, scale-up or enterprise. We do this through Sage Business Cloud - the one and only business management solution that customers will ever need, comprising Accounting, Financials, Enterprise Management, People & Payroll and Payments & Banking.
Our mission is to free business builders from the burden of admin, so they can spend more time doing what they love – and we do that every day for three million customers across 23 countries, through our 13000 colleagues and a network of accountants and partners. We are committed to doing business the right way, and giving back to our communities through Sage Foundation.
Find out more at www.sage.com
For media enquiries, please contact:
RAKBANK
Fatima Kloub
Fatima.kloub@rakbank.ae
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
