Dubai: The UAE has ranked first in the Middle East and North Africa (MENA) region in terms of innovation, which was reflected in its value-added tax (VAT) legislation, according to a report released by Global Innovation Index 2017.

The innovative methodology used by the UAE government to introduce VAT at the beginning of 2018 will qualify the GCC country to become a “global VAT player”, the report said.

“To ensure taxpayers were offered ease of convenience, the [UAE] Federal Tax Authority (FTA) set up an e-Services portal on its website, which assisted businesses to register for VAT in three easy steps,” business head at Tally Solution for the Middle East Vikas Panchal commented.

The UAE has made great endeavours to up its ranking among global innovators and is expected to “revolutionise" its financial services industry, the report revealed.

“It is certain that the country will soon make use of game-changing technologies like blockchain, cryptocurrency, artificial intelligence, data analytics, Internet of Things, and robotics to lead the VAT innovation landscape,” Panchal noted.

Source: Mubasher

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