In another milestone towards the implementation of VAT across the Gulf Cooperation Council (GCC), the Unified Agreement for VAT was published in the official gazette of one of the member states, Saudi Arabia. The Unified Agreement provides the framework for the operation of VAT across the GCC. Each GCC member state will implement the framework through legislation and other instruments. This milestone is another reason for companies operating in the Middle East to put in place or further their VAT implementation plans.
Considering the date that GCC VAT will come into effect (expected as early as January 1, 2018 in certain member states), businesses operating across the GCC need to spearhead their VAT implementation plans, if not already underway. This is relatively a short time frame to study the implications of the new GCC VAT structure, make necessary changes in the system and subsequently comply with this new legislation.
Now, businesses are gearing up to analyze the VAT impact on their transactions and commencing to put in place an action plan to have the right VAT technical system that is in sync with the new financial & tax structure, enabling timely GCC VAT compliance. We also expect that there will be a penalty regime that is applicable in cases of non-compliance, which prompts these countries to have the right systems and procedures in place to minimize such impact.
We at Sailotech have the requisite know-how (through knowledge of GCC VAT laws) and technical expertise to provide complete support to kick-start the new GCC – VAT legalization.
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