For the first time in history, GCC which includes countries such as Saudi Arabia, UAE, Qatar, Bahrain, Oman and Kuwait have agreed to introduce VAT in phased manner starting from 1st January 2018. Introduction of VAT is mainly to generate additional revenue in light of falling crude oil prices. Our experience in GST implementation support for entities in India has helped tremendously in understanding of proposed VAT system in GCC countries. We have a separate vertical engaged exclusively in VAT related services in GCC. The scope of services cover below:

Implementation support

Implementation of VAT for entities could be complex for countries in GCC considering the fact that VAT is a new concept. VAT could change the way in which business been planned as it impacts capital, cash flow, terms of agreements with suppliers and customers. Various functions of the entity would face challenges in understanding and implementing the VAT aspects. Our services include:

  • In-depth analysis of VAT impact on key business functions such as procurement, production, warehousing, distribution, supply chain management, information technology, working capital and other functional areas.
  • Providing suggestions for necessary modifications to reap maximum benefits under VAT.
  • Assessing impact on cashflows and capital needs of entity.
  • Assessing impact on pricing of goods and services with VAT introduction.
  • Support in implementation and/or modification of ERP.
  • Training of the staff.
  • Preparing implementation roadmap for smooth implementation of VAT.

Compliance Support

Error free compliance of tax laws is very vital for any business considering the high penalties levied for non compliance. We can assist the business in making all compliances required under the law in error free manner. This could be assistance in computation of tax, tax payment, filing of return, review of recoverable input tax and output liability, Updation on changes taking place in the law and any other aspects concerned with the compliance of law.

Advisory and consultation

Tax laws are never static and new business scenarios necessitates for the business to understand the tax implications. Our experience in handling global indirect tax gives us an unique position where we can address the complicated business scenarios requiring tax advisory within four corner of law and optimize the tax incidence on the business.