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With 2018 now here, businesses across the Gulf Cooperation Council (GCC) have spent recent months preparing for one of the biggest taxation changes to ever be introduced in the region - the introduction of VAT on January 1.
When the six member states of the GCC – Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates – signed a VAT Framework Agreement in early 2017, they confirmed a new phase in the region’s economic development.
At Abdul Latif Jameel, we are making comprehensive preparations for this change. To ensure the continued smooth delivery of good and services to our customers and suppliers, we have embarked on a complete training program for our internal and customer-facing teams, our suppliers and customers to make sure we are ready. One part of this preparation is this online training portal which provides both some high-level basic information for all and a suite of online training resources for our teams.
Value Added Taxation, or ‘VAT’ is a form of indirect tax and is levied on the supply of goods and services over the whole value chain from raw material supply through production to distribution and sale, and is eventually passed to, and paid by, the final end-use consumer of those goods and services.
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January 12, 2018
The General Authority of Zakat and Tax (GAZT) announced a change affecting all contracts for lease, or rent, to own assets signed prior to January 1, 2018.
January 3, 2018
The General Authority of Zakat and Tax (GAZT) announced a change affecting all contracts for lease, or rent, to own assets signed prior to January 1, 2018.
January 1, 2018
The Kingdom of Saudi Arabia implemented Value Added Tax (VAT) on January 1, 2018, in accordance with the Framework Agreement…
Value Added Taxation is a relatively new concept to the way in which business is conducted in the GCC countries and can seem confusing at first to those who are not familiar with it elsewhere in the world. In this section we look at the basics that you should know depending on your role in the organization or your relationship to it, such as supplier or customer.
Read moreThe key authority for the implementation of VAT in the GCC countries is, of course, the respective government bodies. However to help you gain a deeper understanding of these issues, we have collated some of the most useful links and resources here.
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