Local News » Fujairah National Group hold VAT Workshop

Fujairah National Group hold VAT Workshop

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FNG VAT Workshop held under the patronage of H.H. Sheikh Hamad Bin Saleh Al Sharqi.

 

VAT (Value added Tax) is set to make its debut in UAE. In connection with this, Fujairah National Group in association with Price Waterhouse Cooper, ME (PWC) Audit and Assurance Consulting and Tax Services had organized Value Added Tax (VAT) workshop recently at Al Diar Siji hotel - Fujairah. The workshop was aimed at keeping the staff well informed on the new tax laws and to familiarize the concept of VAT and its potential impact on the business. FNG Management has unwavering commitment to proactively embrace change and abide by the Federal rules and regulations.

 

FNG founded in 1981, under the leadership and patronage of the industrious visionary H.H Sheikh Saleh Bin Mohammed Al Sharqi has mushroomed across diverse segments including oil storage, trading, real-estate, healthcare, education, hospitality, shipping, construction & transport, maintaining a portfolio of more than 40 companies with over 4000 employees. FNG has been changing lives for more than three decades.

 

NIKsamir jpgDuring the welcome speech as mentioned by Mr. Ahmed Samir Mohammed Khidr, Group Accounts Manager “VAT Implementation requires adequate re-designing and changes to be made in systems, control, reporting frameworks and governance. The workshop conducted with the aim to provide an understanding of VAT, industry specific VAT impact, compliance requirements and would equip us to embrace VAT requirements in GCC landscape”.

 

The implementation of VAT in UAE will present a number of challenges that will manifest changes across all levels and aspects of business and not merely the financial aspect alone. VAT workshop was organized by FNG’s Finance Department under the guidance and initiation of Vice Chairman, H.H. Sheikh Hamad Bin Saleh Al Sharqi. 

 

“Failing to Prepare is preparing to Fail ”

~Benjamin Franklin

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