The What of VAT

Executive Summary

What is this report about?
The plunging oil prices have brought to the fore the importance of economic diversification in the GCC in order to reduce dependence on just one source of income i.e., oil. Introducing Value Added Tax (VAT) is a step in the direction of reducing the dependence on oil revenues and broad-basing revenue structure. Though VAT is coming into effect, there is little deeper knowledge available for many stakeholders to draw informed analysis and insights. This study serves the purpose of introducing the key concepts of VAT in the context of the GCC.

Who will benefit and why?
The report will benefit multiple stakeholders in both the public and the private sectors. Also, government officials tasked with administering taxes will find it useful.

How exhaustive is this report?
The report contains detailed explanations on the concept of VAT, with good number of international and regional illustrations. Also, how the private sector can prepare has been touched upon.