Saudi Arabia has issued draft implementing legislation and implementing regulations in preparation of the 1 January 2018 launch of Value Added Tax, VATlive informes. It is based on the Gulf Co-Operation Council (GCC) VAT Treaty, which provides broad guidance on the VAT regime to be introduced in 2018 in all 6 GCC states.
The standard VAT rate will be 5%, with a nil VAT rate for some goods. Resident and non-resident businesses performing taxable supplies must register with the tax authorities within 20 days of passing the VAT registration threshold. The registration threshold will be SAR375,000. The regulations cover:
Earlier this month, new poll revealed that 49% of GCC-based businesses say they are yet to commence their VAT impact assessment. The poll from the Association of Chartered Certified Accountants (ACCA) and Thomson Reuters has found that there is a "significant lack of preparation and awareness".
Out of 6 GCC states that consist of Saudi Arabia, the UAE, Qatar, Bahrain, Oman and Kuwait, only Saudi and the UAE are excepted to meet the January 1, 2018 deadline to implement a new value-added tax. "I think it is likely that those two countries will implement VAT on the first of January of next year,” Nick Maclean, the managing director of the CBRE consultancy firm in the Middle East said.
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):
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