ECONOMIC PANEL: GCC Countries in Transformation
Monday, 25. June 2018
16:30 - 19:30
The Austro-Arab Chamber of Commerce (AACC),
in cooperation with
Crowe and Vienna Economic Chamber (WKW)
cordially invite to an
GCC Countries in Transformation
New Tax Landscape
Monday, 25 June 2018 | 16:30 – 19:30 hrs
Vienna Economic Chamber / Wirtschaftskammer Wien
Stubenring 8-10, 1010 Vienna | 1st Floor, “Grosser Saal”
The six countries of the Gulf Cooperation Council (GCC), comprising of Saudi-Arabia, Qatar, Kuwait, Oman, United Arab Emirates and Bahrain are in a process of transformation. Most of them have ambitious plans for new and future projects. These plans offer various opportunities for foreign and Austrian companies in many fields.
In April 2017, the six GCC countries, signed an agreement to implement value added tax through the GCC area as from 2018 onwards. The UAE and Saudi Arabia started from early 2018 while other Gulf countries have time til the end of next year to implement the new tax system.
The introduction of VAT will represent a fundamental change to business operations in a region with little history of taxation. This will raise a lot of questions for businesses with operations in the GCC countries:
- Which GCC countries have implemented VAT, and when will the other GCC countries follow?
- What is the related legal structure and scope of VAT?
- Which companies are affected and does it include local / imported goods and service?
- What are the taxable goods and services? Which goods and services are exempt from VAT?
- How is the registration and administration of VAT executed in GCC countries? What are the periods of VAT calculation? Are there any possibilities of VAT deduction or refund?
This Economic Panel is addressed to Austrian (especially Viennese) companies, investors and individuals with business and interest in the GCC countries. The participation of representatives from Arab embassies and international organisations is also expected.
Registration & Contact:
Kindly register your participation by e-mail to firstname.lastname@example.org .
Austro-Arab Chamber of Commerce, tel.: 01 513 39 65
Arrival and Registration
WELCOME & INTRODUCTION
Dr. Richard Schenz
President of the Austro-Arab Chamber of Commerce
STATEMENT OF THE GULF COOPERATION COUNCIL
Economy of GCC countries
H.E. Mr. Abdulrahman Hassan Almonif
Head of Financial Department / Economic Affairs Section of the General Secretariat of the Gulf Cooperation Council
Success story Austria in the Gulf Region
Developments and future outlook
Mag. Richard Bandera
Wirtschaftsdelegierter AUSSENWIRTSCHAFT AUSTRIA – Austrian Commercial Counsellor in Abu Dhabi
New tax landscape in the GCC countries and what does it mean to the businesses in the region – Introduction of VAT and Excise Tax in the GCC
Mr. Markus Susilo
Crowe Horwath UAE, Indirect Tax Partner
The aspects to be considered by Austrian companies doing business in the GCC VAT environment, from the perspective of both the Austrian VAT laws and GCC VAT laws.
Case studies of subsidiaries, distributors, and branch offices of Austrian companies in the GCC countries.
Mr. Tobias Hayden
Crowe Horwath Austria
Mag. Helmut Zechmeister, LLM
Tax Manager at Vanas & Partner
Q & A
Moderation: Dipl.-Ing. Mouddar Khouja, Secretary General, Austro-Arab Chamber of Commerce
Changes reserved, update 25 June 2018