Firms not do­ing the maths

7 Days in Dubai - - BUSINESS -

Al­most half the CFOs polled in a sur­vey said their firms have “min­i­mal un­der­stand­ing” of the im­pact of VAT. To di­ver­sify rev­enues and lower de­pen­dence on en­ergy-re­lated in­come, GCC states will in­cor­po­rate val­ueadded tax ( VAT) at a rate of 5 per cent in 2018. Of the CFOs polled for the re­port ‘Global CFO Sig­nals - Still re­luc­tant to spend’, 93 per cent ex­pect to see some level of im­pact on their busi­ness but al­most half said their busi­ness has a “min­i­mal un­der­stand­ing” of the range of im­pacts. And 81 per cent are yet to in­cor­po­rate VAT con­sid­er­a­tions into their strate­gic plan­ning.

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