Sharjah Chamber of Commerce and Industry, represented by the Real Estate Sector Business Group and in cooperation with Ernst & Young, organized a workshop themed "The Impact of Value Added Tax on the Real Estate Sector and Owners of Private Property” at its headquarters, in order to introduce the current variables in the regulations and legislations related to the business community, review the latest developments in the economic arena and its impact on its affiliate members’ performance of the private sector in Sharjah, emphasizing the activation of the role of sectoral business groups under its umbrella,
The workshop was attended by Khalid Bin Butti Al Hajri, Director General, Mohammed Ahmed Amin, Director General Assistant for the Communication and Business Sector, Saeed Ghanem Al Suwaidi, Chairman of the Representative Committee of the Real Estate Sector Business Group and representatives of the concerned authorities.
The workshop on value added tax comes within the work plan of the representative committee of the business groups of the real estate sector to provide awareness programs for its members and activate its performance in the service of the sector, keep abreast of the ongoing changes, continue to perform its role positively and enhance its functions and services.
The workshop discussed introducing value added tax and its impact on the sector and what is expected of each business to comply with record keeping and timing as well as financial statements and the preparation of the reporting system, how to send VAT revenues, review their regulations and assess their impact on business systems and processes.
The workshop also considered the impact of VAT on the structure of companies and real estate in the country, most notably the pioneering practices to design the structure family business ownership and real estate, and the importance of considering the reorganization of property at the present time to comply with VAT. The workshop also discussed ownership structures that can be envisaged for owning shares and real estate in light of asset protection and facilitating their transfer to the second generation.
Khalid Bin Butti Al Hajeri, Director General, said this workshop was organized to introduce tax mechanisms to real estate companies, exchange views, listen to expert opinions and answer queries from individuals working in this field.
"Sharjah Chamber of Commerce and Industry is keen, through its workshops and seminars, to moderate the various views, inform representatives of the private sector and business owners about all that is related to the economy, as tax will benefit the business community through the launch of development projects and modernization of infrastructure, enhancing the UAE economy’s attractiveness and its international competitive indicators.
For his part, Saeed Ghanem Al Suwaidi, Chairman of the Representative Committee of the Real Estate Sector Business Group, said that the workshop was part of the committee's program to develop a series of events that enhance the efficiency of knowledge in various aspects related to the nature of their activities as well as the current changes in the economic community in general and that workshops have helped shed light on points that affect the periodic operational aspect of those working in the real estate sector and we always seek through the business group to enhance the sector's standing and functioning, and he expressed his appreciation for the international expertise in organizing these events which we look forward to establishing more of in the future and Sharjah Chamber’s support for the Business Groups representative committee’s Programs.