During the first year of VAT implementation, two major VAT compliance challenges were identified: Lack of trained resources and complex IT systems within businesses, making it difficult for organizations to track and document VAT efficiently and effectively.
If managed correctly, VAT is cost neutral for businesses. However, tax has a wide-reaching impact across the business, beyond just the finance department. This can be a complex project for a business with no previous tax experience. So how has the first wave of VAT adopters fared?
Thomson Reuters reviews the first-year experience of VAT in the GCC region – key challenges faced, and lessons learnt which businesses in the remaining GCC countries can use as best practice when preparing for VAT implementation in their country.
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