GCCVATPRO

UAE and Saudi Arabia have implemented VAT from January 1 st 2018 and other GCC countries have agreed to implement it within this year. Businesses operating from these countries should prepare for this transformation in advance. Companies in UAE and Saudi Arabia already aware how new tax law is going to affect their business operations and are taking necessary steps to integrate it within their system. Revenues from oil and gas sufficed the government led developmental activities in GCC countries but starting from 2014, income from these sources came down considerably. Revenues from other sources are insufficient for public welfare activities. Hence, implementation of VAT is in force in these countries. How Does VAT Works? More than twenty percent of the world revenues come from VAT as the number of countries that have implemented VAT has exceeded 120. VAT is a consumption based indirect tax. VAT is charged on sales both to other businesses and to ordinary consumers if you are...

1.       GCC VAT PRO GCC VAT PRO is the most simplified Cloud based ERP solution with complete GCC VAT compliance capable of taking your business to the next level. It covers wide range of business operations including sales, service purchase, inventory and payments and more. 2.       Zoho Books Zoho Books is a VAT ready accounting software that lets you send invoices, reconcile bank transactions, track inventory, generate reports, and file VAT returns effortlessly. It is easy to use and highly sophisticated software. 3.       QuicBooks QuickBooks is a VAT accounting software made for small businesses. It is simple software that enables businesses to make efficient leads. Arranging bills, receipts, and payments, able to entertain many customers at the same time, control on payroll and analyzing all the reports are covered in it. 4.       Sage Accounting Sage Accounting i...

How GCC VAT PRO VAT software enable your existing ERP VAT ready? What is UAE VAT? The government of UAE has implemented Value Added Tax from January 1, 2018. The Federal National Council (FNC) approved draft law in March2017 and the president His Highness Shaikh Khalifa Bin Zayed Al Nahyan approved it and issued the landmark Federal Law No. 7 in July 2017. The tax procedures law that received presidential approval is a significant milestone towards tax implementation in UAE. The law covers procedures of tax, audits, objections, refunds, collection and obligations. It also include tax registration, tax return, submissions, payments etc. and existing software in companies are not compatible to run all these functions efficiently. Therefore, there is a need for business organisations and individuals to subscribe for VAT compliant accounting software. An Overview of UAE VAT o    UAE VAT started on January 1, 2018 o    The UAE VAT rate is 5% o    ...

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 comp...

It is high time for businesses in Gulf Corporation Council to be ready for VAT as it is already implemented in UAE and Saudi Arabia and Qatar, Oman, Kuwait and Bahrain would implement it between 2018 and 2019. The reality is that many of the business firms are not ready for VAT yet. Key Features of GCC VAT The rate of VAT in GCC would be fixed and it is 5%. Food items, education, public transportation facilities and certain financial services would be exempted from VAT. Some products and services are zero rated. B2B supplies in the GCC region will be zero rated. Exports are charged with VAT. The companies conducting business on taxable items should register for VAT and the registration for VAT is set as $100,000 per annum. Areas of Impact All the businesses in this region will be directly impacted by VAT. Businesses need to make scores of decisions regarding conducting business in the VAT regime. VAT does not mean you have to take care of your accounting alone. VAT will affe...

The much awaited VAT has become a reality in UAE and Saudi Arabia from January 1, 2018 and other GCC countries including Qatar, Oman, Kuwait and Bahrain will implement it in this year or in the early next year. Businesses operating from these countries do not have much time to prepare for VAT. Hence, we exhort you to take necessary steps for being VAT ready in advance. EY has conducted a survey and the result shows that more than half of the business organisations in GCC countries have not thought of being VAT ready in advance. There are reports of business organisations underperforming due to their lack of being ready for VAT in UAE and Saudi Arabia. In order to avoid such circumstances, every company in GCC countries should be prepared for VAT, otherwise, there will be huge loss. Businesses organisations operating from this region can take a vital step of subscribing to cloud based ERP software for them to be VAT ready. Every company that run on a computed ERP solution need to...

Implementation of VAT is the hot topic of discussion among GCC nations including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates for the last few years. The income of governments in these countries have come down considerably due to fall in oil prices. Therefore, GCC countries came together and decided to introduce Value Added Tax to increase revenue for the governments in this region. The members of GCC confirmed that they would introduce VAT between 2018 and 2019 and Saudi Arabia and UAE have already implemented in it from January 1, 2018. Finance Ministry of Oman has confirmed VAT would be a reality in the country from October 2018 and other countries would follow suit soon. The rate of VAT agreed among GCC is 5% and the member countries can decide on the taxable and non taxable goods and services and can document legislation locally. In general, food, medicine, education and financial services would remain tax free. Gulf nations are sources of financia...