Influence Of Gulf VAT

27 July 2022

GCC Value Added Tax (VAT) is an indirect tax levied/charged in Gulf Cooperation Council member states at every stage of production and distribution of goods and services. We all know that oil was the Gulf States' only main source of income. In 2015, when oil prices began to fall and the world began to find substitutes for oil made from renewable resources, these GCC countries knew it was time to face the future. Back then, they turned to another source of income to keep their economy stable: VAT. The first countries to introduce this tax were Saudi Arabia and the United Arab Emirates to the deadlines set for them. Bahrain introduced VAT on January 1st, 2019, and Oman on April 1st, 2021.
Every product goes through a series of phases from production to the end customer. The supply chain is like this. A product is made by a manufacturer; then it is passed on to a wholesaler who in turn passes it on to the retailer who eventually sells it to the end customer. VAT is a tax that is levied at each of these stages of production of a product. Every company operating in the GCC countries collects VAT on behalf of the government. It is the end user who is required to make this payment when purchasing the product.
In between the young generation, especially of our Keralites, are actively looking for opportunities to emigrate to the Gulf States. Did you know that India-Gulf migration is the second busiest migratory corridor in the world? Therefore, learning about their laws and systems has become of the utmost importance and relevance today. Now CICA perinthalmanna is giving a good option for Gulf VAT studies, and giving on job training also.
If you are curious about a GST & Gulf VAT course, CICA is one of the best accounting institute in Perinthalmanna. It provides the best accounting courses, Gulf VAT, taxation courses, and companies internships also. Feel free to reach out to our career experts here at CICA and they will give you all the information you would like to know about the exam patterns, course eligibility requirements, interns, fee structure, and much more.