VAT is around the corner in GCC and this would mean that there will be a significant impact on businesses. A major milestone in this direction was the Unified Agreement for VAT that was published in the official gazette of one of the member states, Saudi Arabia. The Unified Agreement provides the framework for the operation of VAT across the GCC.
Global experience has shown that VAT planning, training and education are fundamental to ensure successful VAT implementation. The business focus should be primarily on the ERP system and business process readiness, communication, staff training, and sourcing VAT knowledge internally or externally.
- Manage VAT payable and receivable
- Reduce adverse impacts on cash flow
- Ensure compliance with VAT obligations and reporting
- Minimize risk of fines, penalties and reputational damage