What You Need to Know About VAT in UAE?

On January 1, 2018, the United Arab Emirates (UAE) and the Gulf Cooperation Council (GCC) member states are all set to join a list of 150 countries who have implemented Value Added Tax (VAT). The upcoming tax regime will not only affect the working class but will also have an impact on the businesses. Economic and taxation experts have been voicing concerns about the implementation of VAT as they believe the new tax would lead to operational risks for businesses and companies who will have to chalk out new and clear strategies to maintain growth of their businesses and not get majorly influenced by the VAT. You may know more on the complete VAT training Dubai here.

 

The new legislation has already sent shockwaves among the diaspora of international community living and working in the United Arab Emirates. According to a recent survey conducted by the CFA Society Emirates, around 82 percent of the recipients were of the belief that the implementation of Value Added Tax will skyrocket inflation rates across the seven states in the United Arab Emirates. As we look into the details, we come to know that four groups, i.e. government, business, consumers, and consultants, form the four stakeholders of the new legislation.

 

The International Monetary Fund (IMF) had predicted that the GCC governments will be facing a cumulative fiscal deficit of around 350 billion U.S. dollars over the next five years. The IMF released the forecast by basing its estimate on an oil price of 56 U.S. dollars per barrel. This is a massive amount for a five-year period, there the GCC states are forced to find the alternate ways to plug this deficit or they will end up borrowing from the international financial institutions. By implementing VAT, these governments can collect 1.5 percent of the total GDP, which is one-fourth of the total deficit. Wherever the VAT has been implemented so far, the end effect has been on the consumers who pay the tax on every purchase they make or every service they acquire.

 

In the equation of four stakeholders, governments are regarded as the main beneficiary but they will have a headache of ensuring proper collection of taxes. They will have to put into place a necessary infrastructure to supervise and collect the VAT. Another challenge for the governments would be to maintain their image of a tax-free haven for the expats. The recommended site will give your further insights into the full impact of the VAT on consumers in the UAE and GCC member states.

Simple Tips For Parents To Help Their Kids Cope Up in Their New School

At times, relocating would mean uprooting your kid’s life to another place, making them feel vulnerable and conscious. They need to adapt to their new environment, including their new school. At times, this cause school anxiety, making it difficult for them to cope up with the new terrain.

 

If you find your kid struggling with their new school, these tips from top primary schools in Dubai might be of help:

 

  1. Have a discussion

To help your kid ease into the transition, they need to understand first the reason behind it. If you are relocating, tell them why you are moving. Or if you are transferring him to a new school, state the reason behind it. Knowing why these situations happen will make them more understanding of the situation and would make them a little more cooperative with your plans, especially the going-to-the-new-school part. Uprooting their life without so much of an explanation would lead them to rebel and be uncooperative.

 

  1. Start the transition early

When you are transferring your kid to a new school, it would be best to introduce them to the place prior to the school opening. Doing this on the first day of school would just overwhelm them, as they have lots of things to process, like meeting their schoolmates and introducing themselves to their peers. Getting them to familiarize the place would make them feel at ease, even before the school starts. So schedule a school tour and let them roam the school grounds for a little while so they can take the surroundings in.

 

  1. Subscribe to pre-school activities

There are private schools in Dubai that conduct activities prior to school opening. Take advantage of these activities and let your kid join. These activities would give your kid a preview of the culture of the school. It is also an opportunity for them to meet friends before the first day of school starts. This would make them feel less anxious as they will be looking forward to seeing familiar faces in their new school.

 

  1. Be firm

Once the school starts, your kid might feel a little scared and would hesitate. Some may even cry at the thought of going to school and being left alone. But do not give in to your kid’s whims. You need to find a way to make them go to school. It will be a little hard at first, but once they settled in, they will realize that going to their new school is not that bad.