VAT is being introduced in GCC countries starting on January 1st, 2018 onwards. All businesses with an annual revenue of a pre-defined sales threshold of VAT taxable goods and services need to register for VAT with the authorities.
TTP consultants assist by ensuring your business is fully prepared for the introduction of VAT, minimizing the financial and operational impact, and ensuring legal compliance with the authorities. For example, via adoption of the widely available accounting software, cash register terminals and point-of-sale tools along with a bank account will allow for efficient processing. SAP ERP solutions are VAT-ready.
VAT is imposed at each stage of the supply chain from the production and distribution to the final sale of the good or service, as illustrated above.