Dubai-based Al Dhaheri Jones & Clark (ADJC), a leading accounting and tax consultation firm, has reported a 73 per cent growth in VAT (value-added tax) registrations.The company anticipates further surge in the number of registrations this month.“As the deadline for VAT nears, small and medium sized (SME) businesses in the UAE have realised that it is important to hire the services of legally qualified tax agents and consultants to avoid violation of the tax law. This not only helps them fully meet their tax obligations, but also makes them ready for the next phase of VAT,” said Mohammed Fathy, general manager of Al Dhaheri Jones & Clark.
A VAT at a five per cent rate is due to be implemented on goods and services in the United Arab Emirates starting from January 1, 2018.“At ADJC we are committed to assist businesses in the UAE comply with VAT requirements, and the record number of businesses registering with us is a testament to the commitment we bring to our work. As an organisation, ADJC focuses on providing clients with best-in-class services, business expertise and leading edge technology. The record number of registrations is certainly encouraging and we are confident that the positive momentum will continue in the year to come,” added Fathy.“While we have assisted businesses in the UAE adopt and comply with VAT regulations, the willingness to meet tax obligations by businesses is also commendable.