Abu Dhabi – Mubasher: Small and medium-sized enterprises (SMEs) are facing several challenges in preparation for introducing the value-added tax (VAT), which is set to be applied early January.
The SMEs are expected to face challenges, mainly the slow-paced performance of the sector in adopting accounting principles and the willingness to apply the VAT, CEO Hawkamah Institute for Corporate Governance Ashraf Gamal El-Din told Emarat Al Youm.
Moreover, general manager of Truth Economic Consulting Rida Muslim said that the SMEs should speed up to get ready for the appliance of VAT by changing their financial books or getting help from experts regarding this matter.
The Federal Taxation Authority had previously said that transitional periods would not take place to reconcile firms’ positions after the beginning of January.
The UAE is expected to get VAT revenues of about AED 10 billion to AED 12 billion in the first year of its appliance.
