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GCC to produce USD25bn worth VAT revenues
(MENAFN) Gulf States are predicted to generate incomes in excess of USD25bn per annum from the offered value added tax (VAT) at the rate of 5 percent.
Moreover, the adoption of the VAT by the GCC nations shows a main shift in tax policy, which will impact all segments of the economy and lead to change in the ways businesses operate.
In addition, the projected VAT laws are not business as usual and may need many months for firms to integrate VAT functionality into their systems.
Meanwhile, all GCC States are working towards VAT implementation by Jan 1, 2018 in order to avoid transaction and sales issues that could arise from intra-GCC trade.
Moreover, the adoption of the VAT by the GCC nations shows a main shift in tax policy, which will impact all segments of the economy and lead to change in the ways businesses operate.
In addition, the projected VAT laws are not business as usual and may need many months for firms to integrate VAT functionality into their systems.
Meanwhile, all GCC States are working towards VAT implementation by Jan 1, 2018 in order to avoid transaction and sales issues that could arise from intra-GCC trade.
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