FINANCIAL NEWS

GCC States to impose 5pct VAT by 2018

16 Feb 2017

(MENAFN) The GCC nations, which are planning to impose 5 percent value added tax (VAT) from 2018, could hike the rate to 10 percent in the future.

Accordingly, the states are predicting that oil prices will stay below USD70 per barrel and most of the GCC will continue recording fiscal deficits over the coming five years.

Meanwhile, the fiscal gap available to the MENA region’s net energy exporters has been reduced, estimating that the GCC may post an average budget deficit of 11 percent.

Moreover, the amount of income raised and the costs to growth will differ slightly across the GCC, while the UAE stands to gain the most from the VAT rollout.

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MENAFN1602201700450000ID1095250932

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