VAT in the GCC survey
Green or red light?
So how much are you risking in relation to the introduction of VAT in the region – is it the same as your competitors?
There has been much speculation in the press and amongst economic commentators suggesting that some GCC countries may seek to diversify their sources of revenue in order to reduce reliance on oil and gas revenues; and the introduction of a VAT regime is highlighted as being a feature that would support such a strategy.
The wider introduction of VAT in the region will clearly have considerable effects, ranging from the impact on bottom line profitability as a result of pricing considerations and effects on demand, to systems and compliance readiness.
Our view at Deloitte Middle East is that this should be treated as any other uncertainty and properly be assessed and managed. One way in which we think we can help businesses is to provide a means of capturing and communicating what businesses think and what, if any, action they are taking.
Click here to complete the survey. In return you will be amongst the first to see the results and our commentary on them which we expect to be enlightening and will serve as a benchmarking tool for you. We would hasten to add that no individual respondents (or the organizations they represent) will be identifiable from the survey results. Survey closes on November 25th.
If you need to complete the survey in more than one sitting, please be sure to click the 'Save & Finish Later' link. You will be prompted for your email address and then will receive an email with a password to re-access your survey. Please retain this password -- you will use it each time you need to re-enter your survey. Our survey can only be accessed using Microsoft Internet Explorer 6 and higher or Mozilla Firefox 3.0. It is not compatible with other browsers.
To know more about this topic, you may also read the Deloitte European VAT Refund Guide 2011 which contains the rules and procedures for non-resident businesses to claim a VAT refund in 30 European countries.
For more information on the survey, please contact Justin Whitehouse.