5 years of VAT in the GCC: Our review and predictions

The upcoming fifth anniversary of VAT being introduced in the GCC (Gulf Cooperation Council) seems an ideal opportunity to look back at the successes and surprises of the last half-decade, as well as consider what the coming years are likely to hold for businesses trading in the region.

What’s the story so far?

Have things gone to plan?

• 1) Discrepancies in approaches to enforcement
• 2) The reluctance of Qatar and Kuwait
• 3) Broken promises on rates

What do we predict for the next five years?

• 1) The rise of e-invoicing
• 2) Real-time reporting
• 3) At least one new VAT regime
• 4) New job, new mess!
•  5) Corporate tax

Source: Innovate Tax

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