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INTRODUCTION OF VAT IN GULF COUNTRIES

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 9-10-2017 - Yet another tax reform in the world in Gulf Countries is taking place. VAT is being introduced for the first time in Gulf countries as recommended by Gulf Cooperation Counc .....

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the member states. GCC VAT AGREEMENT is a framework agreement signed by all six GCC countries: Broad framework that mainly states provisions for intra GCC trade Gives countries discretion to choose treatment in certain sectors where it does not affec .....

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f Saudi Arabia(KSA) The United Arab Emirates(UAE), The Kingdom of Bahrain, The Sultanate of Oman, The State of Qatar, and The State of Kuwait, The United Arab Emirates (UAE) is a Constitutional Federation of seven Emirates, namely- Abu Dhabi, Dubai, .....

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ble person is a person, persons or entity that carries out an economic activity that requires them to be registered for VAT. VAT is levied at each stage in the supply chain and is collected by businesses on behalf of the Government. VAT is ultimately .....

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to implementation date. In UAE, Registration has commenced w.e.f. 1.10.2017. What tax laws? There will be three Federal laws applicable in UAE and KSA: Executive Regulation of Federal Law on Tax Procedures Federal Decree Law on Value Added Tax Feder .....

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fferent slabs, i.e., 5%, 12%, 18% and 28% plus cess. World average is 16.4% whereas OECD average is about 18 - 19% Asia Pacific Nations have on average of 9.88%. What businesses should do now? Following actions should be initiated to prepare a busine .....

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e prepared scenarios Understand the key areas of impact in business and plan for adversely affected areas. Cash flow impact analysis as VAT is paid on an accrual basis Analyse the capabilities of existing accounting systems to deal with VAT Contract .....

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