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
