Has introduction of VAT helped firms financially?
The introduction of Value Added Tax (VAT) in the UAE has had a positive impact on SMEs in how they manage their finances.
That’s the view of Haroon Juma, head of the accounting firm Simply Solved, who’s worked with new and small businesses to help them comply with VAT, which was introduced at the start of 2018.
He explained to ARN News how the process of filing tax returns has helped many SMEs in the Emirates.
However, Juma also warned that SMEs need to keep on top of developments in how VAT is processed, as the FTA evolves its system.