VAT And IT: Tech Solution Could Make Process Easy

With the impending VAT rollout in the UAE in just under seven months, there's much to discuss about how technology could support businesses, revenue officials and taxpayers.

There are two ways in which technology affects VAT. The first is how taxpayers can apply technology to help calculate the tax due and file the necessary returns. The second is how technology can support revenue authorities in collecting the tax and auditing. No doubt that newly implemented VAT systems will be prone to revisions, as authorities look to streamline VAT audits, improve collections, identify fraud, and simplify filings. Those changes will be challenging to keep up with for both tax officers and taxpayers. If technology can respond quickly to the changes, all parties involved will benefit.