Your Daily Career Tarot Card Reading for July 15th, 2025
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Khaleej Times
5 hours ago
- Khaleej Times
UAE's e-invoicing revolution: The Peppol promise in tax filing
The UAE is gearing up for a digital transformation in tax compliance with the mandatory launch of e-invoicing starting July 1, 2026. This shift isn't just about reducing paperwork — it's about redefining how businesses issue, track, and report transactions across sectors. But what exactly does e-invoicing mean in practice? And what can the UAE learn from early movers like Saudi Arabia, India, and global frameworks like Peppol? Contrary to popular belief, e-invoicing is not about emailing a PDF. Think of an e- invoice not just as a document, but as a conversation between five parties — two familiar, and three newly invited guests: 1. The seller – That's you, the business issuing the invoice. 2. The buyer – Your customer who receives the invoice. 3. The seller's ASP (Accredited Service Provider) – An FTA-approved tech platform that formats and securely sends your invoice to the right channels. 4. The buyer's ASP – Another approved platform that receives and processes the invoice on the buyer's side, ensuring compatibility and security. 5. The Federal Tax Authority (FTA) – The ultimate overseer. It validates the invoice in real time for compliance, accuracy, and auditability. So, every e-invoice is more than a digital receipt — it's a structured dialogue routed through secure intermediaries, keeping everyone accountable and in sync. So, every time an e-invoice is created, it's not just a one-way message from seller to buyer. It's a five-way interaction that promotes trust, automation, and audit- readiness. As in most economies, even the FTA's rollout will occur in two phases: • Phase 1 (July 2026): Targets large businesses issuing B2B and B2G invoices. • Phase 2 (2027 onward): Extends to SMEs and B2C entities with invoice clearance and real-time reporting. Saudi Arabia: A regional success story Saudi Arabia's Zatca introduced e-invoicing in 2021 with a phased approach — first requiring businesses to generate e-invoices, and later mandating real-time integration with tax systems. The result? Millions saved in VAT leakage, quicker audits, and improved compliance. Businesses became more transparent and tax administration more efficient. For the UAE, Saudi Arabia's approach offers a ready blueprint for scale and execution — backed by data and success metrics. India's experience: Scale, simplicity, and structure India launched its e-invoicing regime under the GST framework in 2020. Starting with large taxpayers and expanding downward, every invoice passes through a centralised Invoice Registration Portal (IRP) and is validated in real time. This system exposed large-scale mismatches and helped recover massive tax leakages, while improving invoice trail integrity. One key takeaway from India is that technology alone isn't enough — effective training, stakeholder awareness, and robust onboarding are critical to success. The Peppol model: A path to global compatibility Peppol is like the global party planner for e-invoicing — making sure every guest (buyer or seller) shows up on time, wears the right outfit (standard format), speaks the same language (structured data), enters through the approved door (access point), and follows house rules (security and validation). Whether the party's in Singapore, Sydney, or Sharjah, Peppol ensures the compliance stays smooth and no one gets lost in translation. For the UAE, it could be the key to hosting seamless e-invoicing across the GCC ensuring flawless digital harmony. Countries like Singapore and Australia have already adopted Peppol to simplify both domestic and international e-invoicing. For the UAE, it could serve as the backbone for GCC-wide interoperability, reducing system mismatches and enabling seamless digital trade in B2B and B2G environments. The time to act is now The FTA may have set the deadline for 2026, but readiness must begin today. Companies should assess their ERP capabilities, ensure XML/JSON compatibility, engage with registered ASPs, and prepare teams for new workflows. This transformation isn't just about compliance — it's about competitiveness. The UAE Vision 2031 imagines a fully digital tax ecosystem powered by AI, real-time validation, and data transparency. E-invoicing is its gateway. Final thoughts The writer is Associate Partner, MICS.
Zawya
8 hours ago
- Zawya
Oman's tourism and hospitality sectors undergo transformative growth
Muscat: Oman's tourism and hospitality sectors are undergoing significant expansion as the country advances its long-term development goals under Vision 2040. A new Growth Perspectives Video produced by Oxford Business Group (OBG), in partnership with OMRAN Group, examines how investment, innovation and sustainable practices are helping to position tourism as a key contributor to national progress. The video, titled Oman's tourism and hospitality sectors undergo transformative growth, highlights the country's target of attracting 11 million tourists annually by 2040, supported by around OR20bn ($51bn) in projected investment to the sector, according to National Tourism Strategy 2040. Particular focus is placed on the contribution of the hospitality segment, which is forecast to achieve a compound annual growth rate of 6.3% by 2026, according to Oman's National Centre for Statistics and Information (NCSI). The video outlines the importance of a broad range of offerings—from luxury resorts and business hotels to eco-lodges—and explores Oman's efforts to align tourism development with environmental, social and governance (ESG) principles. In line with Oman's National Tourism Strategy, the sector's growth is being guided by a commitment to cultural preservation and sustainable development. Strategic projects such as the Sustainable City Yiti in Muscat—a $1bn eco-urban initiative—demonstrate how Oman is combining infrastructure modernisation with climate-conscious planning. The country is also leveraging its rich cultural heritage and natural attractions, including UNESCO World Heritage sites and diverse landscapes across its governorates. Dana Carmen Agarbicean, OBG's Country Director for Oman, said the country's growing profile as a tourism destination reflects effective public-private collaboration and a clear strategic vision. 'Oman's tourism and hospitality sectors are becoming increasingly important pillars of economic diversification. The sector's expansion is supported by targeted investment, institutional coordination and an emphasis on sustainable, inclusive growth.' This Growth Perspectives Video forms part of Oxford Business Group's wider research for The Report: Oman 2025, the Group's forthcoming publication on the country's investment opportunities and economic developments. The report will also feature a detailed interview with Hashil bin Obaid Al Mahrouqi, the Chief Executive Officer at OMRAN Group. To view the video, visit: About Oxford Business Group Oxford Business Group (OBG) is a global research and advisory company with a presence in over 30 countries, spanning Africa, the Middle East, Asia, and the Americas. It is recognised internationally as a distinctive and respected provider of on-the-ground intelligence on world's fastest-growing markets, termed The Yellow Slice, in reference to OBG's corporate colour. Through its range of products – Economic News and Views; OBG CEO Surveys; OBG Events and Conferences; Global Platform, which hosts exclusive video interviews; and The Report publications – as well as its Advisory division, OBG offers comprehensive and accurate analysis of macroeconomic and sector-level developments for sound investment opportunities and business decisions. OBG provides business intelligence to its subscribers through multiple platforms, including its direct subscribers, Dow Jones Factiva subscribers, the Bloomberg Professional Services subscribers, Refinitiv's (previously Thomson Reuters) Eikon subscribers, and more. For more information, please contact: Marc-André de Blois Director of PR and Video Content, Oxford Business Group E-mail: mdeblois@ 802 Publishing Pavilion, Production City PO Box 502 659 Me'aisem First Dubai UAE 6th Floor 105 Victoria Street London SW1E 6DT Register to receive our Economic Updates:
The National
2 days ago
- The National
Money & Me: ‘Starting a company helped me attain financial independence'
Deepika Nahata became an entrepreneur when she identified a pain point for many working households: doing the laundry. Partnering with a close relative, she launched WashOn Laundry as a family business in Dubai just before the Covid-19 pandemic. The company caters to individuals and businesses such as hotels, salons and gyms, and offers additional services such as shoe cleaning, bag restoration, cleaning of carpets, curtains and sofas. She credits running the business for five years with giving her financial independence and more autonomy in taking decisions on money matters. 'We initially thought we had taken the wrong decision, but consistency and attention to customers' requirements are the only secret to success,' says Ms Nahata, 36, who is from the north-eastern Indian state of Assam. WashOn, which is based in Dubai Investment Park, has now grown to 100 employees. Ms Nahata has been living in Dubai for the past 10 years and currently lives in Murooj Al Furjan with her husband, who is a software engineer, two sons aged 10 and 2, and her in-laws. She is a commerce graduate and holds a chartered accountant internship. Did wealth feature in your childhood? What did you learn from it? I was raised as a saver. Whenever I asked for pocket money, my mother would advise me to separate my needs from my wants. I didn't realise it then, but that simple lesson has changed the way I think about money. The habit of saving has helped me tide over emergencies. Saving and reinvesting our profits back into the laundry business have helped us to enhance our way of working by updating equipment and expanding our service offering. I only choose to spend on things that add value and offer me something in return. How did you first earn? The first income I earned was for my CA internship, making 5,000 Indian rupees ($57.8) per month in 2012. Following the internship, my employer shifted me to a full-time role on a monthly pay of 20,000 rupees. Any early financial jolts? I remember one time when I had started working in India and my parents travelled out of town. The washing machine in my house broke down and I had no money to pay the technician. I had to borrow money from my neighbour. That was a wake-up call because I had no savings and was spending all my income going out with friends. How do you grow your wealth? Through reinvesting profits back into my business. I am a smart spender and only invest in things that add value. I don't spend lavishly on parties or luxuries, instead I'm focused on doing things that add value to my working life. Have you been wise with money? Yes, it's been five years since we founded WashOn. The time, care and effort we have put into growing it are paying us back, not just in terms of revenue but also in terms of the experience and lessons from running the business. What has been your best investment? Building our business. We started the venture from scratch. But now we are able to provide employment to 100 people and sustain their livelihoods. That gives us pride and joy. Any cherished purchases? Only the new equipment that we have purchased to improve efficiencies and add value to our laundry business. Any financial advice for your younger self? Don't wait to be financially ready. Whenever you feel like starting a business or doing something on your own, start small but at least make a start. When my co-founder and I decided to start the business, we had a lot of doubts, but we didn't want to be financially dependent on someone else. There were many financial challenges as well and the prospect of taking risk. I am quite risk averse. But we decided to take the plunge. As it's a family business and we didn't want to take on loans, we tapped into family savings. We started with five to six employees and today we have more than 100 workers and there's been a huge increase in our business revenue. Any key financial milestones? Running the business has helped us gain financial independence and also given us decision-making powers. Earlier, we had to take our husbands' consent on important financial matters. Now, my co-founder and I are financially savvy and take crucial decisions ourselves. What luxuries are important to you? Spending quality time with family. What are your financial goals? I want to grow WashOn to a level where we can provide our services all over the UAE. Currently, we are focused on Dubai only.
