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VAT to make it easier for SMEs to get bank loans
Obtaining credit facility from the banks will become easier for the small and medium enterprises in the UAE after the implementation of VAT as the companies will have to maintain their books from next year.
Pankaj Mundra, Chairman of the Institute of Chartered Accountants of India – UAE (Dubai) Chapter, says the major challenges for SMEs is that they have to maintain their books properly and regularly in order to be VAT-compliant.
Naveen Sharma, the vice-chairman of ICAI Dubai Chapter, states that the SMEs will be able to get more finance because their turnover will not be questioned by the lenders as their records will be clean.
The Institute of Chartered Accountants of India, Dubai Chapter, on Tuesday evening organized a technical seminar on up-coming value-added tax which was attended by 1,500 people. Justin Whitehouse, a partner, indirect tax, Deloitte & Touche (ME), Mayur Batra, managing director, Mayur Batra Group and Pugazhendhi, associate vice-president, Tally Solution, addressed the participants on the challenges faced by the companies and individuals prior to the VAT. The ICAI Dubai chapter added 600 new members in the last one year, reaching 2,200.
This is an excerpt from the article published in the Khaleej Times and you can read it by clicking here.