Tax reform is well underway in the region. The United Arab Emirates (UAE), Kingdom of Saudi Arabia (KSA) and Bahrain have already gone live with VAT; and Oman, Qatar and Kuwait are preparing to transition into their VAT regimes soon.
Companies that have been managing VAT for some time should now shift their focus toward strengthening their VAT knowledge and skills base, while refining processes and systems in order to meet compliance obligations with confidence, accuracy and efficiency.
As countries across this region go live, companies have very little time to prepare for a new tax system that impacts every stage of an organization’s supply chain.
Pierre Arman, Market Development Lead for Tax & Accounting at Thomson Reuters, Asia & Emerging Markets, answers the 10 most common questions that businesses ask about VAT in the GCC – advising businesses on the steps they can take to overcome challenges, as well as explaining the consequences of not being ready.
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