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Understanding VAT in the GCC
VAT is tax, charged by the government, on the consumption of goods and services. As an indirect tax on the consumption of goods and services. VAT is borne by end consumers and collected incrementally at each stage of a business’s supply chain on behalf of the government.
VAT has been set at a standard 5% across GCC countries and has come into effect from 1 January 2018 in the United Arab Emirates and Kingdom of Saudi Arabia with Sultanate of Oman implementing for the first time from 16 April 2021. Any person whose annual value of supplies exceeds or is expected to exceed the mandatory threshold of OMR 38500 must apply to register for VAT. A failure to comply with this legislation can lead to penalties and/or prosecution.
Let RIB CCS help your business – how you ask?
RIB CCS is supported by construction professionals bringing industry and VAT expertise specific to the construction industry. We can assist in the process of assuring VAT does not become an additional cost to your business, through VAT compliance, global industry knowledge and a fully compliant cost management & enterprise accounting system.
RIB CCS is a robust construction & engineering cost management software that can not only automate issuance of TAX compliant invoices and credit notes but will also keep records of all transactions for reporting purposes.