The introduction of VAT is more than just a finance issue, it is a business issue and could impact all areas of the business from purchase to pay, cash to report.

We can assist you in ensuring that the impact on your businesses is managed.

VAT can be a complex and expensive issue for businesses in every industry. In preparation for the introduction of VAT in the GCC we would strongly recommend that businesses:

  • undertake a risk review to evaluate the potential impact of VAT;
  • review existing contracts and determine the correct VAT position and who will pay for the VAT;
  • review proposals and tenders to evaluate the impact of VAT;
  • ensure all IT systems are VAT enabled, not just the accounting system;
  • communicate with employees, customers, subcontractors and suppliers so that you can ensure that everyone is aware of potential issues and that there are no unexpected issues;
  • implement training for employees who will be dealing with VAT and who need a broader understanding of its commercial implications.
Please feel free to contact us to discuss your firm’s arrangements.