​ABOUT VALUE ADDED TAX (VAT)

• VAT is an indirect tax affecting all phases of supply and production, applied on most goods and services.

​• Countries differ in exempting or zero-rating limited goods and services.

• In year 2016, GCC States decided to implement VAT in Jan. 2018.

• Introduction of VAT is expected to offset some of the financial setback suffered from lowered oil prices
As a result of this decision, GCC Countries are entering a new era of tax environment.

​• Saudi Arabia & UAE commenced actual implementation of VAT on Jan. 1st, 2018.

• The remaining four countries are expected to implement VAT in Jan. 2019

• Based on a Unified Agreement signed by all GCC States, VAT will be implemented at a flat VAT rate of 5%.

• The Unified Agreement suggested some goods and services to be exempt and others to be zero-rated.
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• However; each country is free to decide which goods and services to be exempt and which to be zero-rated, depending on each country’s own vision and economic plans. 

Our VAT Services

​AccBest's Team consists of qualified experts in VAT
We provide a range of consultancy services in connection with the Value Added Tax, including but not limited to

Implementation of VAT to the companies including:
►  VAT Impact assessment on the operations, systems, forms etc
►  IT system assessment and ability to be updated to VAT requirements
►  Changes required
►  VAT Return completion

Maintenance of VAT accounts and reporting ​
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​VAT compliance post implementation

Explanation of complicated areas in VAT regulations 

Awareness presentations at corporate staff level

Public awareness, detailed presentations 

Detailed workshops on VAT accounting and reporting to accounts, sales, procurement and IT staffs

BAHRAIN

Latest update on Feb 22, 2018 shall implement VAT by end of year 2018

SAUDI ARABIA

Implemented VAT on Jan, 1st, 2018

UNITED ARAB EMIRATES 

Implemented VAT on Jan, 1st, 2018

OMAN

​News in Feb 2018, Oman will implement VAT on Jan. 1st, 2019

KUWAIT

Latest update on Feb 22, 2018 that Kuwait needs 18 months to get ready for VAT implementation. 

QATAR

​No Updates