The Gulf Cooperation Council (GCC) countries have faced financial pressure due to the shift towards greener energy sources and volatile prices of petroleum and natural gas. To create an alternative revenue stream, the GCC countries decided to implement a Value Added Tax (VAT) regime in 2016. While some countries in the region have already adopted VAT, Qatar and Kuwait are expected to do so soon. VAT allows for generating financial resources from a wider range of economic activity.
Given that each member country has its own VAT regime with variations in rates, reporting, and applicable charges, banks need a scalable, flexible, and secure technology solution to meet VAT compliance requirements and avoid penalties and reputational damage.
Download this eBook to:
- Decode the buy or build dilemma
- Compare the benefits of a centralized v/s a decentralized approach to VAT implementation
- Learn the key aspects to consider when embarking on a VAT implementation project
- Discover the benefits of a ready-to-deploy VAT Solution