All member countries from the GCC aim to implement VAT, effective from January 1, 2018 after having the GCC VAT framework signed earlier this year. The framework articulates regulations to be followed by the member countries under the VAT guidelines.
VAT Implementation requires involvement from the entire organization because of the impact it has across the entire organization.
Expected road blocks
Lack of familiarity with VAT rules & regulations
Structure and Compliance issues
Lack of resources (Availability of experts and competent staff)
Lack of a robust book keeping system