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What is VAT?

VAT is an indirect tax applied on the consumption of most goods and services. VAT is levied by VAT-registered businesses that supply goods and services in the course or furtherance of their business. VAT is levied at each stage in the supply chain and is collected by businesses on behalf of the government.

United Arab Emirate (UAE) and Kingdom of Saudi Arabia (KSA) implemented VAT w.e.f. 1st January 2018, and now Bahrain is set to implement VAT from 1st January 2019.

Map

Kingdom of Saudi Arabia (KSA)
Implemented on:
w.e.f 1st January 2018

Oman
Coming Soon

United Arab Emirates (UAE)
Implemented on:
w.e.f 1st January 2018

Qatar
Coming Soon

Bahrain
To be implemented on:
w.e.f 1st January 2019

Kuwait
Coming Soon

VAT in
GCC

Value Added Tax (VAT) as the name suggests is a mechanism that levies tax on the value added at each stage of the supply chain.

The Gulf Co-operation Council (GCC) members recently came together to sign a Unified Agreement to implement VAT. This mechanism is a relatively new concept for the GCC countries. So far, United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA) are the only countries to introduce VAT, with Bahrain planning to introduce it introduce VAT, with Bahrain planning to introduce it to deal with for the GCC countries in the initial stage of implementation, with the requirement of an overhaul of implementation, with the requirement of an overhaul of the IT systems along with the need to reconcile financial, accounting and transaction information.

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Challenges of VAT compliance

Changes to source systems – to add various fields and validations for extracting data from host and accounting systems for VAT returns.

Tracking of data from Different source systems each to ensure completeness of data for respective month/quarter.

Extracting data from different source systems which generate different outputs and converting them for VAT compliance.

Generating VAT invoice for all the customers and ensuring it communication / access to them.

Data security is paramount as complete sales and purchases data of businesses is managed for the VAT returns.

Handling business specific exceptions in treatment of transaction for compliance.

Preparation of prope FTA Audit file (FAF) in compliance with decree law.

Lack of Audit trail in system processed data for accountability.

Effect of Import/Export transactions to GCC & Non GCC countries.

Handling the transactions done with Free zones & Designated Zones.

Managing different scenarios of Zero Rated transactions & Exempt Transactions in businesses.

Generation of VAT return & FAF within the due date.

What Is VATeGenie?

VATeGenie is a VAT compliance tool approved by the Federal Tax Authority(FTA), UAE
which enables accurate VAT computation and automatic preparation of VAT returns.

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Manager
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Schema
Generator
Audit
Logs
User
Rights

UPLOAD

Sales & Purchases data from any ERP / accounting systems / host systems format directly. VATeGenie’s data bridge converts it into VAT & FAF required formats.

Validate

Run the most comprehensive VAT calculator / engine on your entire data to check for any inconsistencies. Correct your data on the go and get ready for VAT return filing.

Generate

VAT Return & FAF are generated for all data uploaded as per the tax laws and rules.

THE MAGICAL SOLUTION TO ALL YOUR TAX PROBLEMS

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Banking

Insurance

Telecom

Asset
Management

Information
Technology

Goverment
Sector

Automobiles

Education

Retail

MANUFACTURING OIL & NATURAL GAS

Industries
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VAT will engulf all the major industries
in the GCC.

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