At the cusp of bidding goodbye to a passing year and welcoming a new year, we are going through a transitional period. A significant transition when the way we operate in our businesses and respective professions are going through a transformation. A transformation from being tax-free to taxable. One of the most significant value that VAT is going to add to our businesses and professions is more discipline, more legitimacy.
Being finance professionals, our world revolves around figures and now when we talk figures it will have an added authenticity as all the businesses under the ambit of Value Added Tax will be accounted and audited. It has opened a plethora of opportunities for all finance and business advisory professionals. On the other hand, financial prudence and accountability are definitely going to add and enhance the financial health of the businesses and economy at large.
One financial document that reflects the financial health of the economy is the Budget. Recently we saw Dubai’s largest-ever government budget worth Dh 56.6 billion being announced. While we were copping up with the 2008-09 slowdown, 2013 announcement of Dubai as the host of Expo 2020 instilled a new zeal and vigour. The 2018 Dubai Budget focuses on infrastructure projects led by Expo 2020. It would include construction of the Expo Site, New Metro Rail and creating 3,100 new jobs.
Budget 2018 is in line with the Dubai Strategic Plan 2021’s targets and future commitments, particularly Expo 2020. It mirrors the vision of our leaders, where they want to see our nation in the year 2021 when UAE would be celebrating the 50th anniversary of its union. The aim is to be among the best countries in the world in terms of healthcare, education, social justice, knowledge-driven economy and sustainable infrastructure.
As we embrace new hope and dreams at the dawn of a new year, it’s imperative to revise our goals and work with a clear vision. The new tax system and the developmental projects are creating innumerable opportunities. They say Dubai is a land for people who work hard, with consistency and perseverance. And with every single day devoted to this pursuit, we get closer to our professional goals.
Wish you all a very Happy New Year!