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GCC VAT Preparedness Improving
The majority (more than 60 per cent) of GCC businesses are now aware of the implementation of a value added tax in the region starting January 1, 2018, according to the latest survey results from a series of surveys conducted by audit, accounting and tax advisory firm Deloitte.
Deloitte has been conducting regular pulse surveys about how businesses and executives in the GCC are preparing for the implementation of VAT. Compared with Deloitte’s second Indirect Tax Survey conducted in May 2017, the findings of the new survey, launched in July, shows businesses have a more positive outlook on VAT.
Compared to previous statistics generated from the first Deloitte Indirect Tax Client Survey, GCC businesses have shown a turnaround in their views towards VAT. They are better informed and are becoming more aware of the impacts of the indirect tax.
“It is positive news that the majority of respondents feel very well-informed regarding reports of the introduction of VAT in the GCC and even more so that the number of respondents feeling this way has increased to 60 per cent from 25.6 per cent since the first survey. This means awareness about VAT in industry is increasing,” said Justin Whitehouse, Deloitte Middle East Indirect Tax leader.