A new mobile app, called ‘VAT in GCC Guide’, for companies and individuals to learn about the Value Added Tax (VAT) and its impact in various countries, has been released by audit firm Deloitte.

With the progressive implementation in 2018 and the representatives of the Member States of the GCC having agreed on a formal VAT system across all six member states, businesses have started looking in detail at the potential impacts this implementation will have on businesses. 

The Deloitte app is available for iOS and Android devices, and it is broken down into different sections that are easy to navigate.

It contains learning materials, such as whitepapers, videos, industry impacts, e-learning, infographics and treaties and local laws to help further their understanding.

To test their VAT knowledge, individuals will be able to take basic and advanced level quizzes. Also included in the Deloitte app is a VAT calculator to calculate costs once the 5 per cent VAT rate is applied, and to understand how VAT interacts with customs duties.

“The idea is to give people access to the latest updates on their phone, copies of the laws, and treaties as they emerge. It also contains some interactive educational content (quizzes), which also can be bespoke for individual clients, as they use technology to educate. “There are also updates on excise and customs laws, and industry specific content,” said Justin Whitehouse, partner and Deloitte Middle East Indirect Tax leader.

Using this application, businesses in the GCC will be able to understand the potential impacts of the implementation of, and operation under, VAT. Deloitte in the Middle East has created a free and interactive mobile application to help teach, guide, and influence businesses and individuals alike to understand VAT and how it will impact their companies in the Gulf region, once implemented.

“The Deloitte app will surely accelerate the VAT journey for businesses and individuals, and will enable them to get in touch with Deloitte’s VAT and customs experts,” he said. “The app offers a live knowledge base where professionals can access essential VAT information anywhere using their devices, and can receive instant and live push notifications of any VAT developments happening throughout the region.”

“It’s free and intended to help everyone get ready,” Whitehouse added.

Source: Timesofoman