Are you VAT ready? Establishing a cost-effective and efficient VAT framework
Finance Ministries of GCC member states met earlier this week in Jeddah to approve in in principle the treaties, which will pave the way for the collection of excise tax and VAT on 1st January 2017 and 1st of January 2018, respectively. The common treaties are expected to be announced in the last quarter of the year.
*(source: Cleofe Maceda, Senior Web Reporter, 19 June 2016, http://gulfnews.com/business/economy/uae-other-gcc-firms-urged-get-ready-for-vat-now-1.1848598)
In light of this, tax experts, such as Jeanine Daou, Middle East Indirect Taxes partner at PwC, urge business to take action now in order the be ready by the go live date. In a statement released by PwC, the firm affirms that “Businesses need to start preparing in advance to be able to comply with the new tax obligations including charging, collecting and paying VAT and excise tax to the authority in a timely manner”.
It is evident then that the time for VAT is now! In light of this, we would like to encourage you to register to attend the GCC VAT Forum this 30-31 August at the Dusit Thani Dubai, where you can hear from:
•Indirect tax leaders, including Jeanine Daou, Middle East Indirect Taxes partner at PwC amongst others, who will help you to create a winning VAT implementation strategy
•System and process specialists, such as Thompsons Reuters, on how to build system requirements needed to effectively manage VAT
•Financial leaders from businesses around the region such as Starwood Hotels, Bayt.com, Freedom Pizza and Jumbo Electronics debating whether the consumer or the business should absorb the cost of VAT