Ian Hauptfleisch, General Manager, CCS Gulf advises contractors how it can help them to implement better cost control and prepare for VAT and other changing market conditions in the GCC.
“The construction industry is a challenging one with low margins and high risks attributable to many unknowns, variables and complexity under immense time and resource restraints,” he explains. “So, increased accuracy, speed, auditability and consistency of construction estimation and cost control information, data and analysis is essential and of priority to any contracting organisation.”
With VAT set to be introduced at the beginning of 2018 in the GCC, businesses will soon be able to begin the process of registration. Now is the time to start preparing for the new levy and Hauptfleisch says that CCS Gulf is ready to help. He explains that being able to draw on its vast background of working in a variety of international markets means CCS’ solutions have been tried and tested extensively.
“With our extensive experience in financial and construction-specific management accounting and costing, CCS products are easily customised to country specific legislative and statutory criteria, for example WPS and Gratuity in the UAE,” he comments. “VAT, like GST (planned for India in July 2017), is by no means a new concept to us being applicable in many African countries including South Africa and the UK where we have an extensive Client and User base.”
“VAT may be new to the GCC but its application in concept is generally a norm in the countries it’s used and works on the principle of input versus outputs levied on value adding services and/or products,” continues Hauptfleisch. “Fortunately, CCS solutions are developed in South Africa, where VAT has been in effect for al-most 20 years; and the financial trans-acting components of our solutions have been designed and developed in compliance with VAT applications and practices. We’re well placed in terms of expertise and system flexibility to cater for, and ultimately advise on, the introduction of GCC-specific VAT for the construction sector.”
To read more see https://issuu.com/constructionbusinessnewsme/docs/cbnme_july2017/32