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Frequently asked questions


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Why is VAT important

VAT is an efficient and sustainable way for governments to generate revenue that is transparent for both consumers and businesses. This revenue is used to pay for and maintain public services—such as schools, hospitals and police services.

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How does VAT work?

VAT operates according to a system of self-assessment, with businesses required to record, assess and report all VAT transactions in accordance with the law set out by tax legislation.

At each stage of the supply chain, VAT is levied and collected by businesses for the government. These businesses add VAT to the value of their goods and services which—in most instances, although not all—may be reclaimed, if these goods and services are acquired for business purposes.

Consumers incur the cost of VAT.

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How will VAT impact my business?

The introduction of VAT will affect all businesses financially. Initially, with the cost of preparing and updating their business operations so they are VAT compliant, and then on an on-going basis as tax is collected and reported on.

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How will VAT be implemented by the GCC?

The Gulf Cooperation Council has approved a common, legal framework for VAT implementation within each of its member states. Each member state will decide how best to implement the terms of this framework, using local laws to create their own national VAT legislation. This legislation is expected to differ subtly in each country.

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How do I get my business ready for VAT?

To successfully prepare for VAT, business owners need to register their companies and then develop a comprehensive implementation plan to ensure all business operations are ready.

This plan must address:

  1. The key areas of the business that will be impacted, and if any changes need to be made to core operations.
  2. Internal resources that can be utilized—including business analysts, project and IT managers.
  3. External resources that will be required—is a VAT specialist needed, for example.
  4. The impact VAT will have on financial management and bookkeeping, including how transactions across GCC borders will affect business expenditure, supply chains, customers, pricing and vendors.
  5. Human resource management and the training and education of staff.
  6. The adaption of existing technology and IT systems to ensure VAT compliance.
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What happens if I don't report VAT?

Eligible companies who do not file VAT returns will receive severe penalties—up to five times the VAT amount due and/or prosecution.

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How do I get started with Sage?

With the January 2018 deadline fast approaching, it's essential that your business prepares for VAT implementation as soon as possible. Let us help you. Get started by clicking the “Call Me Back” icon, now.

Get in touch:

Find out how Sage can help you.


Our highly qualified sales team would be happy to discuss your business needs with you.

Call us on:

800SAGE
(7243)

or +97143900180