We are pleased to have presented Jasmin Fichte as a main speaker of the VAT seminar titled “VAT in the UAE- Implications for the Shipping sector” on December 6th 2017. The seminar was introduced by Ahmed Al Falahi, UAESA vice chairman, and followed by speeches from Jasmin Fichte, of Fichte & Co, Gajendra Maheshwari and Terri Bruce, both of Moore Stephens.
With the latest Cabinet Decision no. 52 of 2017 on the Executive Regulations of the Federal Decree-Law no. 8 of 2017 (“Executive Regulations”) having been released just last week, questions have arisen as to how VAT will affect the shipping industry’s operations. The Executive Regulations have further clarified the types of services and goods that will be considered as exempt and zero-rated, as well as introduced the mechanisms by which the various companies and industries must abide by in order to be released from liability once the tax is implemented. The seminar included an introduction to the concept of VAT, a briefing of zero-rated and exempt industries, as well as a focus on the place of supply of goods and services – an area of great debate. In addition, the speakers had specifically addressed issues related to shipping, such as treatment of various supplies in the shipping industry, including the import and export of goods and services, treatment of the supply and lease of vessels, as well as the impact of specific costs to the shipping industry.
We are pleased to have been an integral part of this very important discussion, along with Moore Stephens.