GCCVATPRO

UAE has been a tax free zone for years due to high revenues from sources like gas and oil. The situation has changed due to high global competition and fall in prices of oil and gas. UAE along with GCC countries have decided to implement taxes especially VAT. VAT is on roll in UAE from January 1, 2018. Various types of taxes There are various types of taxes practiced in almost all the countries. These taxes are: income tax, property tax, sales tax, road tax, and Value Added Tax and the like. UAE and GCC countries where free of taxes, but have opted to implement Value Added Tax in 2018. VAT will be levied on selected goods and services. Slight increase in prices of goods and services will be the effects of VAT in UAE and GCC countries and it will be reflected in the cost living of the people in this region. What is VAT? VAT is collected by a registered business organisation from its customers i.e. every taxable commodity will incur 5% added tax on it. As the name suggests, Va...

GCC VAT PRO is Fully Ready for VAT GCC VAT PRO is global software and accounting solutions provider. We assess and execute customer oriented solutions that fully comply with existing as well as new laws and regulations. We have devised the latest VAT compliant accounting software for GCC countries as the implementation of VAT is due this year. Businesses can upgrade their existing ERP system or fully replace with our software. Our software has proven track records in most of the VAT implemented countries. Now we have redesigned it to suit the VAT laws of GCC. Contact one of our representatives to know more about it and subscribe. What is VAT? VAT is a tax on consumption of goods and services. It is set as 5 percent in GCC countries. Compared to the VAT rates in other countries, it is the lowest. Some countries of Europe and Asia charge up to 20% of VAT. VAT is charged at each stage of the supply chain. Manufacturer, wholesaler and retailers add value to the product and in ea...

VAT is an indirect consumption tax applied to products and services that come under taxable items. There are a number of products and services exempted from tax and it varies as per member countries in GCC. VAT in UAE has been implemented from January 1, 2018 and rate is set as 5% throughout GCC countries. The introduction of VAT will burden consumers as the end buyers are the tax payers. Cost of living is expected to rise. Given the lowest VAT rate, cost of living may vary and will greatly depend on one’s spending habit and life style. There are taxable and nontaxable goods and services. If people mainly spend on goods and services that are exempted from VAT, they will benefit greatly. GCC countries have unanimously agreed to impose 5% VAT and tax exempted goods and services may vary according to the member countries. Effects of VAT on Businesses Businesses have great responsibilities in this VAT regime. They have to carefully document their profit, cost and VAT charges. A b...