What is Gulf Cooperation Council (GCC) ?
GCC accounting refers to financial management, reporting, and compliance practices followed in the Gulf Cooperation Council (GCC) countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. Businesses operating in GCC countries need to comply with local accounting standards and international standards such as IFRS (International Financial Reporting Standards). Key Features of GCC Accounting Taxation : VAT : Introduced in 2018 in most GCC countries, VAT is standardized at 5%, with some exceptions. Corporate Tax : Corporate income taxes are applied to specific industries (e.g., oil and gas) and foreign companies, with Saudi Arabia and Oman extending it to other sectors. Zakat : An Islamic wealth tax applicable in Saudi Arabia. Accounting Standards : IFRS is widely adopted for financial reporting. Islamic accounting principles (Sharia-compliant finance) influence practices in some sectors. Economic Diversification : Accounting increasingly includes sustainab...