More clarity needed on VAT, expert says
Abdulrahman A Khansaheb, the MD of Khansaheb Industries and director of Khansaheb Investment, said that there should be clarity in the implementation of VAT
Abdulrahman A Khansaheb, the MD of Khansaheb Industries and director of Khansaheb Investment, said that there should be clarity in the implementation of VAT.
Khansaheb expressed his views to MEP Middle East at The Big 5 tradeshow in Dubai during the company's product launch of Spiralite, an energy efficient ductwork system, which reduces the carbon footprint of any domestic, commercial or industrial building.
Khansaheb said: "Not everything is crystal clear when it comes to the implementation of VAT. There are still some questions."
He continued: "But I think it will need a few months for the authorities to clarify everything. We are updating our systems and procedures in order to incorporate the requirements of VAT. We also have our team attend the workshop. We are internally keeping everybody up to speed on this."
He added: "I think VAT will be good for the market as it will introduce transparency. Everything will be formalised and properly documented. It will be good for the long term."
Talking a bit about the construction sector, Khansaheb said: "This year has been a soft year for the construction market, in terms of projects awarded. But I think it is a cycle. I am optimistic that we will start seeing things move in a much better way to 2018 and there will be more projects.
"Tenders are plenty but projects being awarded [are few at the moment].