SEP 04, 2017
Final preparations for the GCC: Perspectives from Thomson Reuters and ACCA
With less than four months to go before VAT is implemented in the UAE and Saudi Arabia on the 1st of January 2018, the topic of VAT readiness is more important than ever before.
In another milestone towards the implementation of VAT across the Gulf Cooperation Council, the Unified Agreement for VAT was published in the official gazette of one of the member states, Saudi Arabia. The Unified Agreement provides the framework for the operation of VAT across the GCC. Each GCC member state will implement the framework through legislation and other instruments (with the rest of the region to go live post the UAE and Saudi Arabia).
Alongside this, the widely awaited UAE VAT law was released - the Federal Decree-Law No. (8) of 2017 on Value Added Tax, which signals the final stages of VAT implementation in the UAE. In further support, the UAE’s Federal Tax Authority (FTA) also launched a new website designed to help businesses prepare for the upcoming introduction of excise and value added tax (VAT).
As part of our 'VAT in the GCC' series in collaboration with ACCA, Pierre Arman, Market Development Lead - Tax and Accounting at Thomson Reuters MENA shares his perspectives on how organizations can lead and support VAT compliance within their organizations by strengthening their VAT technology implementation plans.
We also share invaluable insights from Lindsay Degouve de Nuncques, Head of ACCA Middle East, who shares her perspectives on the impending introduction and what organizations can be doing now to further support this fiscal reform.