The GCC VAT Agreement has been signed by all six GCC member states and has been published in Arabic by the Kingdom of Saudi Arabia’s (KSA) Ministry of Finance wesbite. Together with the finalized GCC Agreement, the law and regulations form the formal legal framework for the introduction of VAT across all sectors from 1 January 2018. An established business in the GCC performing economic activities must register for VAT if it performs taxable supplies or imports that exceed the mandatory registration threshold of SAR375,000 (or the local equivalent) and may choose to register for VAT voluntarily if its supplies and imports are less than the mandatory registration threshold but exceed the voluntary registration threshold of SAR187,500.

BIZGATE VAT CONSULTANCY SERVICES INCLUDE

• Right interpretation / understanding of the law & Query Resolution
• Pricing of the products / services for ensuring prices are competitive, Customer and vendor renegotiation
• Smooth continuance of business once the taxes are implemented
• How business could safeguard their present margins in the competitive environment?
• Whether business needs restructuring due to Excise & VAT?
• Representation to FTA due to lack of clarity in the law.