As of February 2017, all Gulf Cooperation Council (GCC) countries have signed the Unified Value Added Tax (VAT) Agreement. The framework will form the basis for national legislation, which will be introduced in each GCC country.
Although there has been very limited official information released regarding the specifics of how the VAT system to be introduced will operate, the expectation is that the GCC Countries will replicate a lot of the features of the European Union VAT System.
In the latest Special Market Report from Horwath HTL, Kim Drubbel, Managing Director of Horwath HTL UAE and Oman, explores whether the introduction of VAT might be a limitation for the industry and not in the interest of the sector’s sustained growth prospects.
Kim joined Horwath HTL in 2015 to oversee operations and expansion to the Middle East. Kim has over 15 years of experience in the mixed-use real estate and hospitality management and development sectors, of which over 10 years in the Middle East.
She draws from significant international experience having worked with a number of renowned hotel operators, event planners, destination management companies, and hospitality operations specialists in the Netherlands, Belgium, France, Italy and the Caribbean prior to relocating to the Middle East in 2005.
She is a trusted adviser to many of the region's leading developers and investors, assisting them to assure the commercial and investment competitiveness of their projects. Able to effectively leverage her international hospitality and real estate experience Kim has brought significant value to numerous engagements in over 20 countries in the region and beyond.
She has worked on multiple large and high-profile developments in the MENA region, Europe and the United Sates representing a combined investment value in excess of USD 75 billion.