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FINANCIAL NEWS
GCC nations make contract to inflict VAT by 5 percent
16 Jan 2016
(MENAFN) The Gulf Cooperation Council (GCC) countries are making agreement, which would present a combined value-added tax (VAT) up to 5 percent in 2018.
Accordingly, the agreement, whole six Gulf nations will have their own VAT laws, and if any two partners state their keenness then they will work in 2018.
The nations are in the final phases of making the GCC-wide tax laws and the Gulf countries; KSA, Bahrain, Kuwait, UAE, Qatar and Oman would not impose VAT on some sectors.
“There will be no exemptions, and all consumers will pay the VAT upon its application,” he said. “Initially there will be a single rate for all goods,” said UAE Minister of Finance.
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