Experts Discuss Impact Of VAT On Banking And Finance At EIBFS Conference

 The Emirates Institute for Banking and Financial Studies (EIBFS) recently hosted a high-level conference dedicated to Value Added Tax (VAT) and its impact primarily on the banking and financial sector. VAT was implemented on 1 January 2018 by the United Arab Emirates (UAE) Government.

Representatives from prominent local and multinational companies including KPMG Lower Gulf, Grant Thornton, TALLY Solutions, Emirates Chartered Accountant Group and Al Tamimi, were present to share insights and discuss some of the latest developments. Held at the EIBFS campus in Dubai, the event drew attendance from more than 200 people, including senior management bankers, branch managers, relationship manager consultants, insurance managers and researchers.

The conference focused on a variety of topics, including an overview of the VAT law, its long-term impact on the banking and financial sector and an analysis on VAT’s post-implementation. Different perspectives of VAT from the accounting, compliance and technology functions were also considered.

Speaking about the event, Jamal Al Jassmi, General Manager of EIBFS, said: “The implementation of VAT in 2018 has been a very important step for the region as we navigate a new environment with a significantly less reliant oil-economy. At EIBFS, our aim is to keep building a high level of awareness on the significant developments surrounding the banking and finance services industry – in this case, VAT’s impact on the sector. Attentiveness and preparedness is key to managing this transition, and this conference aims to build our understanding of its impact.

He added: “The event comes at a good time to take stock of how VAT has been implemented, as well as analyze some of the challenges and progress that has been made post implementation. In the banking and finance services industry, VAT impacts all corporates and small-and-medium enterprises, making it an important for all financial institutions to understand.”