Only one-fifth of GCC organisations say they have initiated preparations for the upcoming Value-Added Tax (VAT).
That’s according to a new survey from Oracle and Harvard Business Review that studied 450 senior executives across the Gulf.
Organisations cited insufficient information and a lack of internal tax expertise as primary obstacles, with almost half of respondents saying they are awaiting further government guidance.
But Si-Mohamed Said, Oracle’s regional head of marketing, warned of the urgent need for action, explaining that the automation of VAT compliance cuts across all aspects of business operations.
The paper also revealed that 73 per cent of those surveyed consider VAT as an opportunity to rethink digital operations.
More than 65 per cent said they would consider moving systems to the Cloud if it would result in significant savings.
Said explained Cloud-based applications offer considerable advantages.