Entrepreneurs’ Organization Shares Top VAT Tips For UAE Entrepreneurs

Entrepreneurs’ Organization (EO) UAE, the local chapter of the dynamic global network of entrepreneurs, reported that its members experienced a seamless transition to VAT this week. This smooth period was attributed to the group’s efforts in 2017 to offer world-class peer-to-peer learning platforms and a selection of different UAE workshops hosted by local taxation experts, to help members understand and comply with the new regulations.

Dilip C. Thaker, Managing Director of Rex Stationery and member of EO is happy to share his edit of Top Tips for UAE Entrepreneurs to help SME business owners avoid financial penalties that may be imposed due to violations, errors and incorrect record-keeping:

Maintain regular accounting books and records

Account maintenance is compulsory as a basic guideline for proper management and control of business operations. It is mandatory under UAE VAT Law and it facilitates the correct receipt and payment of cash and other transactions entered by a company.