Companies in the Gulf Cooperation Council countries must begin preparing for VAT. While the implementation is more 16 months away, companies should already be debating and understanding how VAT will influence their business models.
Because of the short period of time remained, companies are challenged to carefully plan and a structure a model to make certain that the business is already prepared for VAT implementation, including individuals, procedures, controls and technology.
Our Level specialists suggest that in order for businesses to be prepared for this change, you should:
- Understanding how VAT can impact your business;
- Understanding what IT systems and business procedures will be affected by VAT as part of the actual implementation of the tax;
- Have a look on your existing contracts which do not accommodate the introduction of a new tax.
If the contracts are not amended in time, at a later stage your business could absorb VAT as a cost.
Should you need any further information, please get in touch with a member of Level’s VAT team and we will be happy to assist you and your business.
Direct: +971 2 671 0033