How, What and Why VAT for You?

Everyone, from business owner, to people working in accounting, sales and procurement functions and the consumer should have some awareness of VAT and what it means to them.

In this section, we look at the basic areas that each role should know.

What's happening in GCC?

The Value Added Tax (VAT) system has been in existence as a concept around the world since sometime in the late 1940s. Today, around 160+ countries of the more than 190+ who have announced their intentions have already implemented VAT, or similar systems. In the early part of 2017, the six countries comprising the Cooperation Council for the Arab States of the Gulf (or GCC), the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Kuwait and Qatar, have signed the GCC Unified VAT Agreement.

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Am I ready for VAT?

The introduction of Value Added Tax (VAT) in the Cooperation Council for the Arab States of the Gulf or GCC is creating a big change on how companies conduct their businesses. Businesses will have to review the impact of VAT on demand and supply chain, cash flows, pricing and market competition, profitability, systems and technology, people knowledge, and corporate governance and compliance reporting.

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