ARTICLE 29 of the unified GCC Value-added Tax law (VAT) provides that the GCC countries have the option to exempt or tax by zero percent some sectors, such as education sector, health sector, real estate sector, transport sector, and oil...

With a few exceptions, companies must pay Value Added Tax (or VAT) on all products and services they purchase and resell. More than 160 nations throughout the world have implemented VAT as a dependable source of income for national budgets....

International Financial Reporting Standards, or IFRS, are guidelines released by the International Accounting Standards Board and the IFRS Foundation. In order to make corporate accounts accessible and comparable across international borders, the International Accounting Standards Board (IASB) established an uniform...