As the UAE and Saudi Arabia continue to lead the GCC VAT drive, this article compares the key features of the future value added tax (VAT) regime in these countries including the treatment of different industry sectors based on what is currently known. The latest status In line with the recent trend where Saudi is the first to circulate any laws agreed at the GCC level, the country has become the first in the GCC to issue its final VAT law - doing so on July 28 after making the draft available for public consultation on May 29. Saudi Arabia has also published its VAT implementing regulations on July 19 for feedback which is required by August 19. Given the rapid pace at which the country is progressing its VAT related legislation, the regulations are expected to be finalised shortly after the feedback period is closed. The Saudi Arabia VAT law requires the regulations to be issued within 30 days of the issue of the law. No other GCC state has published its VAT law or regulations even in draft form. The UAE is expected to issue its VAT law and the related executive regulations within weeks.
VAT in Saudi Arabia and the UAE: How do they compare?
08 Oct, 2017 | Posted by Admin