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Value Added Tax (VAT) was introduced in the United Arab Emirates & Kingdom of Saudi Arabia on 1 January 2018.
VAT provides regional governments with a new source of income, which will continue to be utilised in providing high-quality public services and even better infrastructure to the country. It also helps government move towards its vision of reducing dependence on hydrocarbons as a source of revenue. Most of the remaining GCC member countries are expected to roll out VAT in 2019. VAT is a shared responsibility between governments, business and consumers and helps to bring more transparency and diversity to any economy.
Businesses in a VAT economy are responsible for carefully documenting their business income, costs and associated VAT. Registered businesses and traders will charge VAT to all of their customers at the prevailing rate and incur VAT on goods/services that they buy from suppliers. The difference between these sums is reclaimed or paid to the government.
Join us at our executive briefing and see how Sage can help digitize and automate VAT compliance for companies in the Middle East.
