MAZ Go Business 3rd Annual Seminar attracts financial and accounting leaders to discuss key issues

Market intelligence and networking platform builds momentum as it gathers senior industry decision-makers in third outing.

Dubai 29 December,2016:  MAZ Chartered Accountants, the region’s leading audit, taxation, financial and management consultancy has held its 3rd MAZ Annual Seminar.

The Seminar’s third iteration built on previous years’ success to curate a powerful platform where professionals accessed industry intelligence, developed contacts, improved professional networks and kept pace with a dynamic and constantly changing field.

“The 3rd MAZ Annual Seminar continues a proud yearly tradition of bringing together thought leaders and experts to create a platform for sharing new ideas and knowledge on industry trends. The forum assists in personal and professional development, and also ensures that the accounting function gets a seat at the strategic table in organisations, where it can contribute meaningfully to business performance,” said MAZ Business Development Manager Ghazanfar Jaffri.

The UAE’s VAT laws and their potential impact on the economy were a focal point for discussion. During his talk, MAZ Audit Manager Nabeel Haider noted that VAT rates would need to be introduced at a level under 5% initially for customers and businesses to effectively cope in the short-term. He also noted that VAT implementation carries hidden overhead costs of compliance – with companies needing to update their processes to comply with corporate tax and VAT regulations, add resources and tax expertise to deal with enhanced compliance requirements, and review their supply chain and operating structures to mitigate the impact of new taxes. 

Peter Whatley from Argent Gulf Consulting clarified that the UAE’s VAT regulations make it mandatory for businesses with taxable supplies in excess of USD 1 million, or AED 3.75 million to formally register with regulators. Voluntary registration is allowed for businesses where taxable supplies exceed USD 0.5 million, or AED1.78 million per annum. Organisations will be tasked with submitting regular VAT returns to the Tax Authority, maintain proper records, and issue valid VAT invoices within required time frames. 
The Institute of Certified Public Accountants of Pakistan’s UAE Regional Director Shafiq Ur Rehman delved into VAT recovery and reimbursement mechanisms for tourists and visiting businesses. He noted that officials will allow foreign businesses to recover the VAT they incur when visiting the UAE to encourage them to do business. The recovery agreements will also protect the ability of UAE businesses to recover VAT when visiting other countries - where the rates are much higher.

Other topics in the spotlight included the strategic significance of free trade zones in providing a liberal environment to supercharge key industry sectors. Refaat Nefoussi from the RAK Investment Authority showcased the role of the RAK International Corporate Centre (ICC) in registering offshore companies. He noted that the mechanism enabled organisations to conduct business as an international entity, facilitated foreign ownership, enabled international and local bank accounts, and protected investments in other foreign countries. Other advantages include protection from corporate and personal taxes, and a simpler transfer of assets, properties and domiciliation – combined with easy incorporation and filing requirements

Meanwhile, Salu C. Scaria from the UAQ Free Zone highlighted the advantages provided by the UAQ Free Trade Zone, which is expanding to Phase II. The expansion occupies a 2 sq. km area and offers attractive investment options for infrastructure development, provisions for long lease periods, community living facilities, and hotels, hospitals, schools, shopping malls and labour accommodation built into the strategic blueprint. 

“Once again, we were delighted with the Seminar’s ability to generate valuable insight while ensuring our delegates stay ahead of momentous industry shifts. We want the Annual MAZCA Seminar to help industry professionals better perform in their jobs by accessing timely and relevant knowledge. I’d like to thank all our delegates for attending, and the speakers who shared their valuable insights with our audience,” Jaffri added.