Mon 11-06-2018 12:34 PM
DUBAI, 11th June, 2018 (WAM) -- Dubai Media City, Dubai Studio City and Dubai Production City have organised a series of workshops for their business partners, aimed at raising awareness about the impact of VAT on the diverse creative community based across the three business parks.
Held in collaboration with Morison Menon Auditors & Business Advisors, the complimentary Tuesday VAT Clinics are taking place over four weeks, with each exclusive, segment-specific workshop focusing on issues related to the introduction of VAT in January 2018. The series seeks to educate companies in the media sector about current tax rules and regulations, correct VAT implementation, and the maintenance of related records.
Highlighting important points for businesses to keep in mind when filing VAT returns, the workshops include a VAT impact analysis for each sector. The sessions feature an interactive component that encourages in-depth discussions between speaker and participants, and facilitates a comprehensive understanding of the subject.
Majed Al Suwaidi, Managing Director of Dubai Media City, Dubai Studio City and Dubai Production City, said, "Our media communities are committed to supporting the next phase of economic diversification in UAE. It is our endeavour at Dubai Media City, Dubai Production City and Dubai Studio City to provide our business partners across the media value chain with access to an enabling industry ecosystem – one that helps them evolve, flourish and build synergies with like-minded community members. The new Tuesday VAT Clinics initiative is a prime example of this approach."
He added, "We are delighted to collaborate with Morison Menon on this worthwhile initiative. The impact of VAT across the media sector varies considerably, and our workshops offer companies an opportunity to keep up to date with the key changes under the guidance of industry experts."
Vishal B Thakar, Manager of Indirect Taxation at Morison Menon, said, "With VAT being introduced in UAE, every business is faced with an array of questions with regards to the impact of the VAT Laws and Regulations and the media sector is no different. When we talk about the media and production industry, it is pertinent to note that each sector has a diverse set up in terms of the products and services it provides. Also, each business scenario has different VAT implications, thereby making it necessary for businesses to adopt a holistic approach to ensure that they are VAT compliant. With this collaboration, we at Morison Menon aim to provide specific insights on how VAT impacts each sector of the media industry so that the industry may safeguard itself from administrative penalties."