Good Morning
The UAE and other GCC countries are on the verge of executing the biggest fiscal programme in the region’s history, with the implementation of Value Added Tax across the bloc on January 1st2018.
You can read more about the context to be clarified, it is happening and you should start to plan accordingly, particularly around long-term contracts.
2. Follow the news. Much of the legislation around VAT is yet to be formalised and developments are likely to emerge piecemeal. The BCB will provide a monthly summary on recent VAT-specific news that we have gleaned (see below for the first edition, for June 2017).
3. Look for the opportunity! Both the authorities and private companies will need ongoing professional support to implement & run all VAT-related systems & processes. Commercial opportunities will emerge for UK companies with credentials & expertise in this area.
We recently welcomed our first tax advisory firm into the BCB’s unique market-entry incubator; we’re also providing Trade Services support to another British tax specialist to help them better understand their market prospects here. If you’re also in the business of tax, please get in touch.
Regards
Joe
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VAT in the UAE: June 2017 update from the BCB.
Click here to read the latest news and information that we’ve gleaned on the subject this month.
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