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DUBAI / Emirates Business
Tax authorities in GCC are starting to use sophisticated digital platforms that require taxpayers to submit data in real time or near-real time prompting firms to enhance their digital capabilities. This is changing the way businesses collect, format and report tax information, and accelerates reporting, filing obligations.
Sherif El-Kilany, MENA Tax Leader at EY said, “The overwhelming view is that VAT compliance has actually accelerated the digital transformation of companies across the GCC. So in addition to being a significant revenue stream, VAT is clearly seen as a means of modernising the economy and putting digital journey on the speed track.