INTRODUCTION:
THERE IS REASON behind the fact that the introduction of VAT in the UAE has become the talk of the town. First of all, the UAE is the hub of many business activities and expatriates. Hence, what matters most is how well the consumers walk through the fire of VAT.
WHAT VAT Means:
VAT in general applies to almost all the products consumers buy. Negatively, there are fears of consumers stopping spending. Fortunately, consumerism cannot be stopped at any cost, the main reason being that it is the customers who help thrive the business in the world today.
AFTER VAT & BEFORE VAT:
The change in the way the customers purchase will be a precursor of any new taxation. The new taxation once implemented will maybe stop the consumers from spending lavishly.
It is imperative to understand the goals the government keep in mind while implementing any new system. First the consumers must face the fear of change before enjoying the benefits.
Believe it or not, there are unfinished advantages that require the attention of the consumers. So it is only logical and wise to take advantage of the upcoming VAT System. Of course, life becomes better when we let go of the bitter past and focus on the good things today.