News Details

Businesses across the UAE must comply with the value added tax (VAT) law by filing their returns on time, experts at a session on VAT returns and reporting stressed. Organised by the Institute of Chartered Accountants of India (ICAI) Dubai Chapter, the session provided clarity on the process of filing returns, as well as registration for businesses that have not done so yet. "In the beginning it was challenging for the businesses to register for VAT, as it was new for everyone," said Naveen Sharma, chairman, ICAI Dubai Chapter. "But, with time and clarifications from the Federal Tax Authority (FTA), the businesses started getting their doubts cleared which helped them in the registration process. I think, as of now, all big organisations have already registered for VAT, but some small businesses in the market are still struggling with registration process. In due time, I think they will also be able to register themselves."