By Kab. Laliebeth Petancio

SOME 80 Filipino accountants and finance professionals
who are members of the Philippine Institute of Certified Public
Accountants – Abu Dhabi Chapter (PICPA-Abu Dhabi) attended the Value
Added Tax Workshop 2019, held just recently, at the Universal Hospital
Conference Hall.

The workshop dubbed “Updates, Risk Assessment, Revisiting Year-End
Adjustments and Preparing for Tax Audit” was presented by Arnel
Gagani, a Senior Manager at Alliot Hadi Shadi.

New rules related to VAT implementations were integrated into the
workshop such as new updates on compensation type of payment,
clarification forms intended for the Federal Tax Authority (FTA), VAT
on entertainment, Forex rules, Insurance, retention, tourist schemes
and new items on tax invoices, among other VAT in UAE updates.

“The first year of VAT implementation since it was full-blown in 2018
has been completed and accountants are closing the year’s financial
reports and posting year-end adjustments, it is then relevant &
significant to update the accountants especially the Filipinos with
VAT new rules and to help them prepare for tax audits that will be
soon conducted by the FTA,” said Ma. Sharina de Dios, PICPA Abu Dhabi
chapter president.

Participants were given worksheets and activities to practice and were
exposed to the “Question & Answer” segment wherein several
clarifications were discussed with the expert-speaker at the event.

Aside from the Tax Audit topic, Risk Assessments in finance was also tackled.