Financial services, Technology, UAE

UAE to lead the world in VAT innovation, says software experts

A recent report by Global Innovation Index 2017 stated that UAE ranks first in MENA region in terms of innovation.

Vikas Panchal, business head, Tally Solution, VAT
Vikas Panchal, business head, Tally Solution

The UAE has always adopted an innovative methodology, noting that innovation has become a future necessity for the development of world nations. And with the introduction of Value Added Tax (VAT) this year, UAE is all set to incorporate innovation across VAT legislations to be able to lead as a global VAT player.

“Innovation in the UAE is no more limited to boardrooms and meetings. It serves as a major pillar in advancing the country’s economic development and is at the heart of good government policies aimed at making the UAE a leader in the innovation space. Furthermore, the country has aligned its practices to ensure that it is one of the most innovative nations in the world by 2021. Starting January 2018, the UAE introduced VAT, and to ensure taxpayers were offered ease of convenience, The Federal Tax Authority (FTA) set up an e-Services portal on the Authority’s website, which assisted businesses in the UAE to register for VAT in three easy steps withno longer than 15-20 minutes,” said Vikas Panchal, business head, Tally Solution Middle East.

“While e-Services was one of first innovations introduced by the UAE for VAT implementation, it is certain that the country will soon make use of game changing technologies like block chain, crypto currency, artificial intelligence, data analytics, Internet of Things and robotics to lead the VAT innovation landscape,” added Panchal.

Additionally, infographics and illustrated manuals will help improve businesses’ understanding of VAT fundamentals and upgrade people’s skills and technical resources to improve tax compliance and enhance services to taxpayers.

“Since the inception of VAT, UAE has been committed to guiding business to ensure they are fully compliant with VAT procedure and avoid administrative penalties. While innovating IT infrastructure will allow for easier filing and payment by businesses, it will also improve the ability to verify compliance using third-party data,” concluded Vikas Panchal.

Over the years, the UAE has made remarkable progress in leading Arab countries and elevating its global innovation ranking. Fuelled by these massive developments and upgrades, it won’t be long when UAE will revolutionise the financial services industry, particularly the tax sector with unique innovations, perfect to exceed customer expectations.

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