Value Added Tax (VAT) is a relatively straightforward tax that is simple to comply with, is generally free from economic distortions, and is neutral to changes in trading and distribution patterns. From a government perspective, the introduction of VAT has advantages. It is inflation-neutral, a reliable generator of income, and applies to a broad base consisting of goods, services, real property, and intangibles, as well as being a proven system adopted in many countries globally. For these reasons, VAT is a good option to ensure that there is sufficient funding for public spending should oil and gas revenue fall significantly without non-oil public revenue rising to cover the shortfall.
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About Encompass Solutions
Encompass Solutions is a business and software consulting firm that specializes in ERP systems, EDI, and Managed Services support for Manufacturers and Distributors. Serving small and medium-sized businesses since 2001, Encompass modernizes operations and automates processes for hundreds of customers across the globe. Whether undertaking full-scale implementation, integration, and renovation of existing systems, Encompass provides a specialized approach to every client’s needs. By identifying customer requirements and addressing them with the right solutions, we ensure our clients are equipped to match the pace of Industry.
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