Welcome To The VAT Services Group:
VSG is a UAE based specialist consultancy group focusing on Value Added Tax (VAT) and the implementation thereof in the GCC. VSG is equipped to guide all companies in the GCC through the complexities of implementation and the day to day administration of all VAT matters. Our qualified team has decades of experience in dealing with VAT related matters from across numerous business sectors. No matter the size or industry VSG are able to provide reliable and professional advice and support to ensure sustainable VAT management and compliance.
News & Information:
The Unified Gulf Co-Operation Council Value Added Taxation Framework Agreement was published on 3 May 2017, setting out the basic principles of VAT for the GCC and specifying that Member States have until 1 January 2019 to implement the VAT regime.
Businesses that record annual revenues over Saudi Riyal 375k are obliged to register under a Value Added Tax (VAT) system, and will accordingly be responsible for collecting 5% VAT from their customers. Businesses whose taxable supplies or expenses range between SR187k and SR375k have an option to register under the system, thereby allowing them to claim inputs on their purchases.
Subsequently the UAE and KSA published their VAT Laws and Executive Regulations which cover any flexibility allowed in the GCC Framework Agreement as well as the procedures to be followed by registrants. Both these GCC States implemented VAT on 1 January 2018 and most affected businesses have registered and have been filing returns and paying the VAT to the authorities who have been proactive in publishing guides and clarifications regularly.
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