At the beginning of 2016, GCC governments announced that value-added tax (VAT) was going to be introduced in the near future. VAT is part of the GCC region’s strategy for economic reforms to support economic diversification and attract foreign investment. A few months on, the conversation has moved forward and the go-live date of 1st January, 2018, is quickly approaching.
In light of these developments, the conversation around taxation and its ramifications has become more intense. From ‘if’ and ‘when’, the focus has shifted to ‘how’, as every function within organizations should have started to analyze how VAT will impact their operations. Saudi Arabia and UAE have been the first two countries to make significant announcements regarding the VAT law, providing businesses with an understanding on what must be done to be ready in time for this. In this new era of tax reporting, governments throughout the GCC have urged organizations to be VAT compliant to avoid penalties.
The Impact of VAT on Businesses: Final Preparations Seminar will bring tax and financial professionals, alongside consultants and advisors to take a practical look at what you need to do in the final weeks to ensure your business is VAT compliant.
To learn more about how “VAT-ready” organizations are in the region please click here and download Thomson Reuters and ACCA’s joint-survey report: Is the GCC ready to implement VAT?