Chamber News
Posted On 12/14/2017
Abu Dhabi organizes a seminar of the Impact of VAT on Corporate Governance

The Abu Dhabi Center for Corporate Governance has organized a seminar on the Impact of VAT on Corporate Governance at the Chamber’s Tower in Abu Dhabi.
Organizing this seminar comes within the efforts of the Chamber to spread awareness amongst investors and businesses on the impact of the value added tax on corporate governance and to encourage companies to adopt the best practices in implementing governance into their businesses.
The seminar discussed many topics which revolve around the new tax and the implications of evading it including the financial liabilities, legal proceedings, administrative penalties, fines, imprisonment, financial losses, becoming non-competitive, disruption in businesses and reputational risk to name just a few.
The seminar defined some terms that are related to VAT, saying that the new tax will make companies change their practices including how they price their goods and services, their accounting systems, IT, documentation, and record keeping.
The lecturer advised the attendance to appoint a chief tax compliance officer to work independently from the accounting and financial departments at the company and report directly to the Audit Committee and the Board of Directors.
More than 150 persons who represent businesses and establishments in Abu Dhabi attended the seminar.