News

VAT makes work for consultants in the Gulf

VATA major consultancy has expanded its Middle East term to advise clients in the Gulf countries about the onset of value-added tax (VAT). The Gulf Cooperation Council countries have said they will introduce VAT at a 5% rate on January 1, though reports suggest some countries, such as Kuwait, will not make the deadline and will implement the tax later. Deloitte said it had admitted three partners, Mark Junkin, Michael Camburn and Bruce Hamilton, in the indirect tax practice and taken on four directors “Our VAT team is now one of the biggest in the Middle East consisting of dedicated indirect tax specialists covering the entire GCC region, and bringing deep industry expertise,” said Nauman Ahmed, the Deloitte Middle East tax leader. Gulf states are levying VAT to help account for the fall in government revenues caused by the low oil price. Historically, Gulf governments have funded themselves through petrochemical sales. ©2017 funds global mena

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