Mr. Brotzakis, CEO of Gulf Tax Consultants, presented to NAFL member companies the latest updates on VAT.
During his speech, he highlighted the impact of VAT to operations and finances to 3/4PL companies operating in the United Arab Emirates and the GCC.
Furthermore, he pointed the need to assess, correctly and timely implement and comply with the upcoming local VAT legislation. Companies operating having offices (subsidiaries or branches in the GCC) will need to work with regional tax consultants, like Gulf Tax, because each GCC Member Country will have its own local VAT law which although following the Unified VAT Agreement will still have procedural and reporting differences.
Closing, he stressed the need for training of all people in the company with emphasis on Finance and Operation Departments. During his speech he quoted:
“No matter if your ERP is VAT compliant and correctly setup. No matter if you have developed best procedures and controls. If your people are not trained you are bound to fail. You must invest in your people, train them and keep them updated with all new law changes”