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FINANCIAL NEWS
GCC may impose 50% tax on beverages, cigarettes
11 May 2012
(MENAFN) Undersecretary of the UAE ministry of finance, Younus Al Khoury, stated that countries of the Gulf Cooperation Council (GCC) may impose a 50 percent tax on beverages and cigarettes, reported Arabian Business.
Al Khoury said that the aim of the measure is to restrain consumption, as both products cause severe illnesses.
He added that the proposal was submitted by the countries’ health ministers to GCC finance ministers for approval.
It is worth noting that tobacco is already subject to a 100 percent tax in the GCC.
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