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VAT: The Implications For The GCC Construction Industry
David Clifton, Faithful+Gould Regional Development Director, explores the potential implications of VAT on the GCC construction industry.
"The GCC governments agreed through 2015 and early 2016 to introduce VAT. During early 2016, consensus was reached on a level of 5% and a roll-out date of 2018, with the ‘go live’ date for each country to decide. The indicators from the regional governments are that UAE is setting its goal for 01/01/2018, while Saudi Arabia has merely stated Q1 2018 – although given fiscal pressures on the budget, an aspiration for 01/01/2018 is a reasonable assumption. Kuwait is aiming to be ready by the end of 2017 for an early 2018 date, and Qatar, Oman and Bahrain haven’t expanded on their dates other than the agreed mandate."
David Clifton,
Regional Development Director
Faithful+Gould
