The current VAT legislation in the GCC is new and can be experienced by many as complicated and unclear in view of how the legalisations will affect the company. Not complying with legal obligations may however lead to substantial financial consequences. VAT Institute GCC can advise for example by performing a VAT scan. The VAT scan evaluate how to structure your business in a way that is compliant with VAT legislation in the most efficient way and advise on the specific questions regarding your company. You may want to ask the following questions in order to determine your VAT position:
- Do we need / want to register for VAT in a GCC member state?
- Do we have to adjust our method of invoicing?
- Do our suppliers invoice us according to the laws?
- What VAT should be charged and paid to the tax office?
- Can we (fully) reclaim VAT that is charged to the company?
- What are our reporting / compliance responsibilities and for which periods?