Tag Archives: VAT

E-archiving is an enabler in prepping for VAT

January 2018 marks the moment for all VAT registered businesses across the GCC to start keeping records of their transaction documents: invoices, records, VAT returns, accounts and others. According to the Tax Procedures Law recently released by the President of the UAE, the retention period of VAT records for all UAE-based businesses will be 5 years. This new obligation will be particularly challenging to organisations with a big volume of documents, such as trading companies, because it implies extra administrative duties and additional costs of space rental. With this in mind, electronic archiving appears to be a true enabler and facilitator for GCC businesses, offering compliance with the legal changes and easy access to transaction documents for tax audits. read more

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How Small Business can prepare for VAT implementation in the UAE

It has been a while since the UAE and the other GCC countries signed an agreement to implement VAT by 1 January 2018. For many companies there may be a misconception that just because it is going live in 2018, they can wait until then before they start the process of preparing for VAT. read more

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GCC Businesses are still not prepared for VAT Implementation finds new survey

With less than six months until the GCC implements value added tax (VAT), a new survey from ACCA (the Association of Chartered Certified Accountants) and Thomson Reuters has found that there is a significant lack of preparation and awareness among businesses in the region of how it will affect them. read more

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A.M. Best Briefing: VAT Implementation Poses Significant Challenges for GCC Insurers

Uncertainty persists as to when precisely Value Added Tax (VAT) will be introduced in the member states of the Gulf Cooperation Council (GCC), and the process surrounding a roll-out. However, given the fiscal pressures in the region, the introduction of taxation seems inevitable and could cause short-term cash-flow issues for insurers. read more

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