GCC construction market was challenging enough till mid-2017 due to continued uncertainty surrounding government spending. According to MEED’s research reports, everything was brightening and everything was on the right track.
This is the scenario where VAT is going to hit GCC Market. Introduction of VAT will have a huge impact on Construction & Contracting companies.
Will VAT affect you?
Businesses which provide taxable goods or services with annual revenue of more than Dh375, 000 will be required to register for VAT. Businesses with taxable supplies below Dh375, 000 but over Dh187, 500 will have the option to register for it.
Again Registering for VAT is not the end, every company must calculate and include Value Added Tax in their every activity including invoicing. Surely it will be a tedious task for the managers and accounts department. This is where ERP Comes
Construction & Contracting | VAT Enabled ERP
Already, contractors are sending out letters stating clearly that all prices mentioned are subject to revision in a post-VAT situation. RealSoft ERP system incorporates best practices within a specific industry or in general. RealSoft VAT Enabled ERP has already adapted with the scenario.
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