GCCVATPRO

The fully fledged VAT regime will start in Oman from 2019, but certain products and services will be taxed from mid-2018 – reports Omani media. Omani Media reports that Ministry of Finances in the country has delayed the implementation of Value Added Tax (VAT) until 2019. Meanwhile, Oman will start selective tax on certain products from the middle of 2018 and these products include tobacco, energy and soft drinks says the Sultanate’s Ministry sources. The delay in the VAT implication is a boon for business entities as they get sufficient time to make their ERP software VAT compliant. VAT is a new taxation in GCC countries and businesses need to prepare adequately for it. Gulf Corporation Council (GCC) had approved VAT in 2017 and UAE and Saudi Arabia have implemented it from January 2018 and all other countries have expected to roll out in the near future. At the wake of this situation, Oman has announced that it will follow the suit in 2019. The delay in the implementation ...

Value Added Tax is a sure reality in Oman and Muscat and tax computation for the goods and service sold and bought is going to be a mandatory affair. Tax computation can be easily carried out by ERP software which is available in the market for monthly subscription. They are available at different monthly subscription charges and there is ERP software really low for subscription. All software are highly efficient to carry out all your business activities as per VAT norms and requirements. At the same time, proper installation and some simple guidelines are necessary for efficient output. VAT enabled ERP solutions in Oman; Muscat enables business owners to carry out each and every transaction as per VAT norms. Every invoice should be printed including VAT and it is enabled by the ERP software subscribed. An organisation must carry out all their internal and external transactions as per the accepted tax rules and VAT enabled ERP software helps business organisations in this regard....

VAT is around the corner in Kuwait and most of the companies in the country use ERP software and they are not built on GCC VAT framework and therefore, they need to be upgraded with VAT Software Kuwait. Again, around forty percent of the businesses operating from the country do not use any ERP software and they too need to install VAT Software Kuwait to run their company and take it to the new highest after the implementation of VAT. VAT is a tax levied on goods and services and therefore, it is a consumption tax. Except goods and services of education, health care and food items, all the goods and services will be taxed. All though VAT is paid by the end consumer, businesses have to collect and submit the same to the government authorities and therefore, the whole business system and process must be VAT ready. In order for the tax collection and submission, businesses operating from the country should register with tax authorities. All the business entities with 100,000 US dol...

According to GCC VAT treaty, the last date for the implementation of VAT in member countries is January 1, 2019. Saudi Arabia and UAE have already implemented VAT and all other member countries will fall in line soon. Qatar planning to implement VAT in 2019, businesses operating from the country should be VAT ready in advance using VAT software Qatar. Once, the VAT is implemented, most of the goods and services bought and sold will be affected by VAT and thus VAT software Qatar is mandatory to avoid penalties and fines. What does VAT Apply to? VAT is applied to all the economic activities and it can be generally categorized as supply of goods and supply of services. There are a very few goods and services exempted from VAT like insurance and certain financial services. How to prepare? Preparation for VAT regime can be done by a subscription to VAT Software Qatar. Rules of VAT are really complex and implications originate from non compliance will be very serious. In order to ...

Value Added Tax has been implemented in UAE, Saudi Arabia and other GCC countries from January 1 2018 and it has been considered as a great means of growth for industries as well as residents in general. Industries and residents of these countries are toiling hard to adjust with this new era of tax system. There is a great requirement for businesses and their daily operations to comply with UAE VAT. Several workshops on VAT had been conducted by UAE chamber of commerce so that business groups and residents here become aware of this new tax law. In order to educate the financial advisors, finance minister also have held occasional briefings on the implications of VAT. What are the Reasons for VAT in GCC? Revenues from gas and oil constituted the prime income of GCC countries and the strength of economy was centered on it, but recent years witnessed a downfall of income from these sources. However, the governments of these countries need fund to carry out its health care and oth...

Value Added Tax will be implemented in GCC countries during this year except Oman. Oman has announced that it will be implemented in the country in 2019. Hence, there is ample time for businesses operating from Oman to be VAT ready. Once the VAT is implemented, all the business transactions will be affected and thus VAT accounting software Oman is highly necessary for all businesses here. The economy of GCC countries was very robust thanks to high returns they received from oil exports and now the oil prices have come down and they are forced to implemented VAT in this region. Implementation of VAT is a good source for all these countries to meet their anticipated needs. How VAT Works VAT is a tax on consumption. It is implemented in more than 120 nations in the world and governments view it as a good source to generate income for their developmental activities. Value added tax is collected every time value is added to goods and services. Compared to common sales tax, it is c...

The UAE government has implemented VAT on January 1, 2018. It is the product of careful planning and thought over the last few years. VAT levied is 5% on products and services except those exempted such as basic food items, educational services, health care products and social service. VAT is implemented in UAE along with Saudi Arabia and the implementation of VAT will be expanded to other GCC countries within this year. It is a new regime in the economic history of these countries. VAT and Businesses: VAT is an indirect tax levied on each step of development of a product and it is the end buyer who has to pay it. General public is the end buyer and thus the living cost of general public will shoot up considerably. Business firms in UAE have to comply with VAT for smooth sale of their business. Accounting software of every business should comply with UAE VAT. GCC VAT PRO has introduced accounting software that will integrate or replace ERP system of every business firm to comply w...