Dubai Eye Interviewed Haroon Juma, MD of Simply Solved
The Agenda with Tom Urquhart - Dubai Eye 103.8 interviewed Haroon Juma, MD and Managing Partner of Simply Solved to discuss his perspective on how SMEs have adapted to the introduction of VAT in 2018.
Haroon explained prior to 2018 many businesses had little controls and understanding on best practice financial management and reporting. This increased the challenge for companies complying to VAT and assessing the true impacts to manage their obligations. However, his company has helped many businesses solve these issues and in addition provide valuable insights on how their business is actually performing. This has been a major benefit to companies.
As a result, he has helped his clients on reporting financial performance to allow them make better decisions to remain competitive and reduce their costs for compliance and reporting.
However, he warned SME's will need to remain updated as the VAT system in the UAE evolves in terms of FTA processes and clarifications to the Law. These could have major impacts and companies need to seek advice to avoid administrative penalties.