DOHA: Tax authorities in the GCC are starting to use sophisticated digital platforms that require taxpayers to submit data in real time or near-real time prompting companies in the GCC to enhance their digital capabilities.
This is changing the way businesses collect, format and report tax information, and accelerates reporting and 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, the roll out of VAT is now clearly seen as a means of modernising the economy and putting the digital journey on the speed track.
‘Almost all tax professionals polled at our tax conference revealed that their tax administrations in MENA have digitalized or are in the process of digitalising their operations in the next 12 years. All of them expect the fiscal and tax policy landscape to change over the next few years, which means the digitization process will continue at steady pace, he added.
Respondents to the poll also showed strong reservations around the transparency requirements. More than 75 percent of them expressed deep concerns on the possible impact for their businesses.
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