Given the overall decline in oil prices in recent years, it has been necessary for the GCC member states to explore other sources of revenue and reduce dependency on hydrocarbons as the main contributor to the public purse. As a result, the GCC member states have signed a unified framework agreement for the implementation of VAT and Excise Taxes. Member states will also implement their own domestic legislation that will govern the introduction of these taxes. The UAE and KSA have implemented VAT in January 2018, and Bahrain is expected to introduce VAt in 2019.
RSM’s specialist team can help you plan a VAT-efficient approach to every aspect of your business to enhance cashflow and minimise risk.
Our services include:
- VAT registrations
- Preparing and submitting returns
- Assessment of specific transactions
- Advice on special and complex transactions
- Support correctly setting up your booking systems (ERP)
- Support prepating invoice and credit note templates
- VAT training workshops