As of January 1, 2018, a 5% VAT will apply to goods and services supplied in Saudi Arabia and the UAE as well as to imports. Detailed procedural rules apply, such as a requirement, in some cases, to appoint a local VAT representative, with steep penalties for noncompliance. With the implementation of VAT in Saudi Arabia and the UAE beginning January 1, 2018, and likely legislation throughout the rest of the Gulf Cooperation Council over the next year, companies need to prepare for the challenges arising from these new taxes.
Is your business ready for the VAT in Saudi Arabia and the UAE?
Download this white paper now and learn more.