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HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
Businesses and customers embrace VAT effectively
By a staff reporter February 09, 2018
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DUBAI: The new year was heralded as the onset of the VAT regime in the GCC. It is now a little over a month since VAT has come into effect and while there are businesses who are yet to register, the overall economy is well into the VAT return filing rhythm. According to FTA, 260,000 businesses have successfully registered so far.

“The initial apprehensions that businesses faced were moving to VAT smoothly, setting up their day-to-day transactions for VAT compliance and easy filing of returns. It is encouraging to see the entire ecosystem in the region working to assist businesses to comply smoothly. Tally.ERP 9 Release 6.3 is designed to make the transition for businesses smooth and easy. We have conducted more than 100 events, including workshops and webinars across the region, and have seen attendance of 5000+ participants,” said Vikas Panchal, Business Head at Tally Solution in the Middle East.

The company, along with its 200+ strong partner network and 500 resources who are trained on VAT, are reaching out to businesses to help them make a smooth transition. Tally has tied up with reputed associations like ICAI and has garnered interest from over 3000 businesses. It has also launched an exclusive section (tallysolutions.com/mena/vat-software-uae) within its website for VAT-ready articles.

“We are well into the VAT system that the government has recently introduced. For those businesses which are yet to register, I would strongly urge them to do so to avoid any penalties and fines. There has been a definite shift in businesses using manual and semi-automated methods to a technologically sound solution that will take care of their accounting, billing and filing needs. Companies like Tally, with their fantastic efforts in reaching out to the business community have contributed significantly to this smooth transition,” said CA Naveen Sharma, President, ICAI – Dubai Chapter.

It is in the interest for all businesses to register to not only become VAT compliant but also avoid the heavy penalties government is imposing on non-registration. Another area of concern is that majority of businesses are still working with traditional methods of accounting and filing which do not ensure accuracy and security. Manual data entry in spreadsheets often result in errors and is time consuming. The need of the hour for businesses is to digitalise accounting operations to become VAT compliant.

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