my interview with khaleej times
VAT on SMEs: In small doses Sandhya D'Mello /dubai Filed on April 3, 2017 VAT will be introduced in the UAE in two phases. In phase one, companies with recorded revenue of more than Dh3.75 million are obliged to register for VAT. Also during phase one, companies with revenue between Dh1.87 million and Dh3.75 million will have the option to register for VAT. In phase two, all companies will have to register for VAT, however the date is still under discussion. This may indicate the manner in which other GCC countries will phase in VAT. Khaleej Times spoke to some SMEs who said that while the sector is making preparations, several doubts and concerns persist. However, they are looking at the larger good of transparency in business boosting accountability. Brian Conn, partner at BDO Tax Advisory Services, said: "Many businesses are under-prepared and I believe many underestimate the amount of work that needs to be done. VAT is a t...