VAT in the Middle EAST
The final VAT law and implementation has been issued by the GAZT following the public consultation. The business will have significant impact by the introduction of VAT on January 01, 2018 in the Middle East. The era of tax is about to begin in the Middle East, it is just a matter of around 70 working days for the tax payer to ready for VAT implementation.
As the taxpayers have now been provided with the complete regulations to identify the impact of VAT to their business and their obligation toward the authorities. Failure to comply with the regulation will result the penalties or persecution. The taxpayer should be get ready and look to every part of their business operation. Below are some examples.
- Get IT system ready
- Educate the supply chain
- Content of VAT invoice
- Address long term contracts
- Cash flow management
- Capital expenditure
We are here to help you and provide you a complete range of services to address all element of VAT implementation and compliance.
Syed Asif– Head of Tax Department
Mob: + 966 55 101 3823