20 May 2017
KPMG VAT Leader, Rob Dalla Costa, speaks at the VAT Workshop

United Arab Emirates - RAKBANK continues to raise awareness of the new tax system that is expected to be implemented on 1 January 2018 by inviting Business Banking customers to attend a comprehensive workshop on Value Added Tax (VAT) from special guest Rob Dalla Costa, a director with KPMG in the Lower Gulf, at the Bank’s headquarters in Dubai. Business Banking customers received insights on the basic principles of VAT, the tools needed to prepare for VAT, and what to expect once the VAT is implemented.  

Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK, said: “RAKBANK is delighted to have Rob Dalla Costa so graciously host the VAT workshop. The aim is to offer our Business Banking customers a detailed roadmap about the potential functionality and features of the VAT.”

Commenting on the VAT workshop, Dalla Costa, a seasoned VAT expert who has worked on similar implementations in both Australia and Malaysia with the government and the private sector, said: “The introduction of VAT represents a fundamental change for the government and businesses in the UAE. It is going to affect almost every business, large and small, and impact almost every facet of their operations. It is absolutely vital that businesses understand the challenges that VAT will bring and I applaud the efforts of RAKBANK to support their Business Banking customers in this way.”

With over 30 years’ of experience in providing a broad range of taxation advisory and consultancy work, Rob was able to give valuable insight into the probable framework of the VAT to RAKBANK’s diverse customer base.

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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.

For media enquiries, please contact:
Tarek Kiwan
Tarek.kiwan@rakbank.ae

© Press Release 2017