Execs Prepare for VAT in Gulf Nations
Nov. 15, 2016
At the beginning of 2018, a new value-added tax (VAT) is going into effect for many Gulf Coast countries.
That has executives and others looking closely at what it will mean for multinationals and other businesses that have to navigate this new tax system in their Middle Eastern operations.
According to a press release on Oct. 5, Deloitte is putting out white papers and other informative resources to help companies with these difficult types of deliberations.
“The progressive implementation of VAT throughout the GCC from Jan. 1, 2018, marks the start of some of the most exciting, dramatic and far-reaching socioeconomic changes in the region since the discovery of oil reserves in commercial quantities during the 1960’s,” Deloitte Middle East VAT Leader Justin Whitehouse said in a press release. “The time does appear to be upon us all to start looking in detail at the potential impacts it will have on businesses, whether from an organizational, operational, commercial or financial perspective.”
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