Thomson Reuters Projects portal hosted a round table to discuss the impact on the construction industry and how the region is dealing with this change
Last year all six member states of the Gulf Cooperation Council (Saudi Arabia, United Arab Emirates, Kuwait, Bahrain, Oman and Qatar) agreed to implement a unified tax system similar to the VAT system in the European Union. The member states signed the common GCC Unified VAT Agreement detailing the main principles of how the VAT system will operate across the bloc.
Although each member must abide by the treaty’s rules, there is some flexibility and certain aspects of the VAT system can be fine-tuned according to local needs. Examples of this are the frequency of filing VAT returns, timelines for when payments must be made and which sectors are granted VAT relief.
In October, the Thomson Reuters Projects portal hosted a round table to discuss the impact on the construction industry and how the region is dealing with this change in the run up to the looming January 1, 2018 deadline.
http://www.zawya.com/ | Published - November 19th, 2017