- Global profit outlook weakens while GCC remains optimistic
- Saudi Arabia releases its draft VAT implementation regulations
- Tax Procedures Law issued in the UAE
- VAT Alert - March 2017
- Cost of VAT to the insurance industry
- CFOs are urged to prepare now
- GCC nations plan simultaneous VAT rollout by 1 January 2018
- Leveraging ERP to create value
A report by Grant Thornton has found that, like their global counterparts, the Gulf Cooperative Council (GCC) countries of Bahrain, Kuwait, Oman, Qatar, Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE), highlights two key features of regional labour markets. There is a general skills shortage as the region embarks on ambitious programmes toward significantly more diversified economies. Over the long-term, though, the economies will be transformed for the better by innovative use of labour-saving technology.
His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE has approved Law No. 7 of 2017 issuing the Tax Procedure Law (‘the Law’). The Law shall be regulated by the recently formed Federal Tax Authority (FTA) of the UAE by the Ministry of Finance.
Saudi Arabia releases its draft VAT implementation regulations, which will now be open to public consultation.
In recent development on the implementation in the UAE, the Public Revenue Department of the Ministry of Finance have today initiated the first of a series of public engagement workshops for practitioners and businesses. The session was well attended with over 500 practitioners who were briefed on the proposed VAT law.
Policy makers in the six-nation Gulf Co-operation Council are aiming to introduce a 5% Value Added Tax (VAT) within the UAE on 1 January 2018.
With only 11 months to go before the launch of VAT, CFOs are urged to prepare now says Grant Thornton.
On 14 February 2017, international accountancy firm Grant Thornton in the UAE in partnership with the DIFC Insurance Association, hosted a VAT seminar discussion on the topic: "VAT and the challenges which the insurance industry needed to be prepared for”.
It is a well-known fact that organisations invest a considerable amount of money and time in implementing their “Enterprise Resource Planning” (ERP) solutions. The combined software and hardware costs tend to be on the high side, with key members of staff typically spending upwards of three years supporting the implementation in some way.