Most Of The Companies In Gcc States Are Not Completely Prepared For Implementing Vat

Most of the companies in GCC member states are not completely prepared for implementing Value- Added Tax (VAT) system.

According to a new survey conducted by the Association of Chartered Certified Accountants (ACCA), UK in cooperation with Thomson Reuters, there is massive absence of preparedness and awareness among companies in Kuwait and the region on the effect of VAT on them.

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Only six months remain for the GCC states to implement the tax system, which is expected to come into effect by early 2018. The survey indicated that only 11 percent of the participants are aware of the effects of implementing VAT on their operations while 49 percent are in the process of evaluating the effects of VAT.

 

SOURCE : ARABTIMES

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