First GCC VAT handbook Fundamentals of GCC VAT Law

Updated: Oct 27

This book is the first of its kind and provides the reader with an understanding of the

fundamentals of VAT that has recently been introduced in the Gulf Cooperation Council

(GCC) Member States. It aims to give the reader an insight into the systematics,

functioning and the principles of the GCC VAT systems as well as the implementation

by each Member State.


To date, four Member States have introduced VAT: the first two Member States being

the United Arab Emirates and the Kingdom of Saudi Arabia as of 1 January 2018. The

introduction of VAT in Bahrain followed a year later on 1 January 2019 with Oman being

the latest to follow suit with its implementation on 16 April 2021.


This book covers each of the aforementioned GCC Member States. The systematic

presentation covers issues and topics such as the following:


  • sources of local VAT legislation and local guidance;

  • principles underlying the GCC VAT system;

  • local implementation of the GCC VAT Agreement;

  • practical examples on how the VAT legislation is applied;

  • invoice requirements and other administrative obligations;

  • exemptions and VAT rates;

  • VAT deduction rules;

  • cross-border supplies; and

  • local dispute resolution processes.

The book follows the structure of the VAT Agreement with additional dedicated chapters

on real estate, intra-GCC transactions and financial services. Selective comparisons

between the GCC VAT system and the matured EU VAT system are included for the

purpose of providing additional insight.


With citations from and references to the VAT Agreement, local legislation and local

guidance, this books serves as an incomparable guide for tax students as well as tax

professionals in both the private and public sector.


INSIGHTFUL

This book is the first of its kind and provides the reader with an understanding of the fundamentals of VAT that has recently been introduced in the GCC Member States. It aims to give the reader an insight into the systematics, functioning and the principles of the GCC VAT systems as well as the implementation by each Member State.


DETAILED AND STRUCTURED

The book follows the structure of the VAT Agreement with additional dedicated chapters on real estate, intra-GCC transactions and financial services. Selective comparisons between the GCC VAT system and the matured EU VAT system are included for the purpose of providing additional insight.


COMPREHENSIVE HANDBOOK

With citations from and references to the VAT Agreement, local legislation and local guidance, this books serves as an incomparable guide for tax students as well as tax professionals in both the private and public sector.


ORDERS

The book can be ordered here

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