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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.
Download the VAT white paper here
Thomson Reuters Projects: For data, analytics, tools and news on construction projects in the Middle East
Further reading about VAT:
© ZAWYA 2017
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.
Download the VAT white paper here
Thomson Reuters Projects: For data, analytics, tools and news on construction projects in the Middle East
Further reading about VAT:
- Zawya’s Special Coverage on the introduction of VAT in the GCC
- Gulf states still committed to VAT but dates will vary - IMF
- Dubai gov't looking at ways to offset impact of VAT, says official
- UAE real estate: Time for a VAT realty check
© ZAWYA 2017
