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KPMG LLP invites you to join us for a discussion on two upcoming major VAT/GST reforms in the Gulf Cooperation Council (GCC) countries (i.e., Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) and India.
What are the indirect tax reforms in question?
Over 165 countries have a value added tax (VAT) or goods and services tax (GST) system, with the notable exception of the United States and the gulf countries. The United States will soon become one of the only countries in the world without a VAT/GST system as six countries forming the GCC have recently agreed to implement a region wide harmonized VAT system in 2018.
India has one of the most complex indirect tax systems in the world with several layers of federal, state, and local taxes that may apply to the same transaction. On September 8, 2016, India passed a long awaited constitutional amendment that paved the way for the country to replace its indirect tax system with a new dual state and federal GST system. Since then, India has made important steps towards the GST introduction culminating on April 6, 2017 with the Indian parliament approving the bills introducing GST. It is expected that the Indian states will follow soon allowing India to roll out GST by July 1, 2017.
Our International Indirect Tax professionals will provide updates on the current status of the VAT implementation in the GCC and highlight key aspects of the new Indian GST regime based on the recently passed GST bills and proposed draft GST rules.
Who is impacted by these rules?
All businesses with activities in either the GCC and/or India as these countries will either implement for the first time or undergo a fundamental shift in their indirect tax system. With the move towards a VAT/GST, businesses will need to consider the impact these reforms will have not only on their tax obligations, but also on their day to day operations.
Participants may earn one CPE credit for this Webcast.
Please join us for what promises to be an insightful and informative Webcast.