GCC Updates – On track for January 1st 2018
Saudi Arabia and the UAE are pressing ahead as the leading countries of the Gulf Cooperation Council to implement VAT for the first time from 01/01/2018. The regime will be familiar to many European companies as it is expected that it will have a lot in common with E.U. VAT systems - especially around VAT recovery, registration obligations, and compliance - such as penalties and fines.
While the VAT rate is 5% for domestic transactions, there will be Intra-GCC 0% rates while exports will have reporting requirements which were not previously required. Along with regionally low thresholds of $100,000 turnover per year for mandatory registration – it is expected many businesses will need to pre-register from Oct-17 to be set up in time for e-filing.
If you are a company based in the Gulf, or doing business to the Gulf, get in touch with our VAT Development Teams who can provide free advice and assist you through this new obligation.
We know that Indirect taxes such as VAT and GST can have a huge effect on your business. As VAT rates change sporadically keeping yourself informed can be difficult. Compliance is always crucial. That’s why our Indirect Tax Experts share their hand-picked news stories every day that you need to know. From breaking news to VAT changes and new EU legislation. We know that relevant information means better decision making. We aim to be your number 1 source for VAT and GST news.
Should you wish to discuss this or if you would like further information, please contact us by:
+353 56 778 34 00