GCC (Gulf Co-operation Council) nations have concurred ‘on a fundamental level’ to the GCC VAT Agreement to collect VAT (Value Added Tax) in the area. This will help the district to diminish their reliance on oil and other hydrocarbon items as a wellspring of income. It is concurred by all the GCC nations that VAT will be presented in each nation most recent by first January 2019. Be that as it may, UAE chose to execute VAT likely w.e.f first January 2018.
We trust the choice to actualize VAT would cause a change in outlook in the business elements of the nation and also the district. Like the greater part of the nations over the world, organizations in the Gulf district likewise will now need to hold fast to stringent VAT administrative and statutory compliances and report the same on an intermittent premise. The test for the business group in the Gulf will be to comprehend the new VAT Law and actualize a similar well before the due date.
VAT is a standout amongst the most well-known sorts of utilization assess found the world over. More than 150 nations have actualized VAT. It incorporates the European Union (EU), UK, Canada, New Zealand, Australia, Singapore, Malaysia, India and so forth. USA, GCC nations and some different nations, particularly from African mainlands, have not presented VAT.