Landmark Group to absorb VAT cost
The value retailer says it wants to remain competitive
The Landmark Group will not pass on all VAT charges to customers and instead absorb some of it, said a senior executive.
"We are trying to absorb as much as we can through internal efficiencies. We are a value retailer, so we want to be competitive. It's a great opportunity to become more efficient," said Rajesh Garg, Group CFO, Landmark Group.
He said five per cent VAT is a small rate as compared to levies in other parts of the world. The group started preparing for VAT 15 months ago, Garg added.
"We feel we are ready, but in reality, you find some thing here and there. But overall, we are ready here in the UAE and Saudi Arabia."
He said consumer perception would be affected. "We are bracing for it. There will be an impact for a quarter."
The group has 1,200 stores across Saudi Arabia and the UAE and 25,000 employees. Some of the major brands under the Landmark Group are Splash, E-max, Centrepoint, Home Centre, Babyshop, Shoe Mart, Citmax Hotels and Fitness First, among others.
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