CFO Jignesh Sanghvi Outlines the Steps Taken Towards VAT Compliance
The Dubai Multi Commodities Centre (DMCC) is a Dubai-based free zone that acts as a gateway to global trade – hosting over 14,000 businesses engaged in the trade of gold, diamonds, precious metals, food, tea and a range of other commodities.
Given the size of the organization – and the fact that the zone had no dedicated tax function – DMCC began preparing for VAT implementation during 2016. The first step was to identify and appoint relevant advisors who were able to provide guidance and raise tax awareness beyond the finance function across all departments including marketing, IT and legal.
At the same time, DMCC also helped its 14,000 members to prepare for VAT compliance through dedicated workshops for each of the business verticals, consistent communication and regular VAT updates.
As an ACCA member, Mr Sanghvi points out that VAT has augmented the responsibilities of all accountants in the GCC.
“It’s important for ACCA and all professional accountants to rise up to this challenge and try to work with businesses to make sure that they are working towards compliance and to make sure that they can deliver what they are expected to in terms of VAT compliance,” he explains.
What can your organization learn from this journey? To learn more, watch this interview as Pierre Arman, MENA Market Lead for Tax and Accounting at Thomson Reuters, speaks to Jignesh Sanghvi, CFO at the Dubai Multi Commodities Centre about how his organization has laid the groundwork for VAT implementation – for the Centre and its 14,000 members.