VAT awareness among GCC businesses improve as the deadline nears

With the imminent VAT implementation, tax practitioners, technology consultants and relevant government departments are gearing up for the new tax regime across GCC. In the UAE, the Ministry of Finance has been conducting country-wide awareness campaign to educate various stakeholders on VAT.

In preparation for the GCC-wide implementation of VAT, each member-state of the GCC will establish their own separate national legislation concerning VAT and as such the detailed compliance requirements and set of rules will be outlined in respective legislation. The GCC VAT Framework Agreement allows member states until 1 January 2019 to implement the tax.

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