Nauman Asif, CFO, Discusses the Bayt.com VAT Readiness Roadmap
Bayt.com is the largest recruitment website in the Gulf and Middle East, catering for over 30 million professionals and 40,000 organizations in the region. As an organization with such a large footprint, Bayt.com began preparing for VAT’s introduction in the GCC early – following global best practices until the local government provided more clarity on the issue.
A valuable first step was involving all stakeholders in the process – going beyond finance to assess VAT’s impact on sales, IT, and relationships with suppliers. This big picture view allowed Bayt.com to identify all issues and challenges, both big and small, in order to formulate a detailed and strategic VAT roadmap.
One complex area for Bayt.com is the fact that two customer segments will need to be treated differently under VAT: its B2B clients and its B2C customer base. Also, customers are accessing services from outside of the GCC and these cases need to be classified carefully – are they exporting services, or will VAT be applicable? In the e-commerce industry, it’s important to understand these distinctions, to capture the relevant details in the back end, and to work carefully towards managing all aspects efficiently.
Pierre Arman, MENA Market Lead for Tax and Accounting at Thomson Reuters, speaks to Nauman Asif, CFO of Bayt.com, to explore this topic in more detail and provide guidance for those only just beginning their VAT journeys.