23 Feb 2016
(MENAFN) GCC nations agreed that they will present Value Added Tax (VAT) at a rate of 5 percent in 2018, while the decision is yet to receive final approval before being applied.
Accordingly, GCC countries have reached a choice on the 5 percent rate after discussions on a rate between 3 and 5 percent, and they will finalize their implementation policy.
However, they agreed that the tax won’t be applied on specific industries like education, and health care, while staple food items would be exempted from VAT.
The UAE is predicted to produce almost USD 2.72bn to USD 3.26bn as a result of introducing VAT in the first year of implementation alone.
27 Jan 2025
BBK offers customers with exclusive Tas’heel and Mazaya Finance to own their dream home
15 Jan 2025
BBK Signs Strategic Partnership with Bahrain Airport Company to Develop “Express Cargo Village”
08 Jan 2025
Bank of Bahrain and Kuwait and Global Payment Services Deliver the First Advanced Fraud Prevention Solution for Wallet Provisioning in the Kingdom of Bahrain
26 Dec 2024
BBK proudly supports “Celebrate Bahrain” as a gold sponsor in cooperation with BTEA
17 Nov 2024
BBK and Asia Jewellers announce exclusive offers to its customers at Jewellery Arabia 2024
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more