VAT in the GCC
Gurdeep Randhay, VAT leader
In order to promote diversification, governments across the region have introduced various initiatives to reduce the dependency on oil generated incomes and further stabilize the economy.
As part of the stabilisation strategy, we have witnessed a number of regulatory changes, with the recent one being the introduction of Value-Added Tax (VAT), which will be implemented from 1 January 2018 across the GCC. In order to do so successfully and create a tax system which works, the need for businesses to invest time and effort in preparing their processes, structures, systems and people will only increase.
Grant Thornton’s VAT implementation team take a rigorous approach to helping you meet these obligations, irrespective of the challenges you may face in your VAT readiness journey. Using our finely tuned local knowledge, global experience in preparing businesses to embrace VAT and our global organisation of member firms, we help you understand and comply with often complex and time-consuming changes which are required.
On a global level, rates of indirect taxes are on the increase in countries that already impose these taxes. Countries without a zero base rate may also see indirect taxes as a means of raising revenue. One thing that all indirect taxes do have in common is that they are transaction-based. That means you need to consider them at an early stage to avoid unexpected liabilities and unnecessary costs.
Grant Thornton can help with:
- VAT implementation including advice on ERP and software platform functionality for VAT readiness
- International Tax Planning and Advisory
- M&A and Due Diligence Tax Advisory
- Transfer Pricing
- BEPS Advisory
International indirect tax guide
If you would like more detailed information for your region, our international indirect tax guide [ 10202 kb ] provides an overview of tax systems in key countries and how you can get further support from Grant Thornton.
If you have any questions or would like to find out more about how we can help please contact Gurdeep Randhay.