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Company especially into Jewellery / Real Estate business what are the measures to be taken prior to GCC VAT implementation.
1st thing 1st they need to get registered with VAT asap, hey should have appropriate accounting system so can evaluate VAT. More importantly the staf who have VAT knowledge.
AT is applied to goods and services at each stage of the supply chain with the ultimate burden, in theory, being borne by the consumer.
If VAT is not applied correctly, it may become an additional cost to the business. Further, non-compliance with tax laws attracts severe penalties. All businesses must undertake a review of their current contracts to determine if VAT has been appropriately addressed.”
