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FINANCIAL NEWS
GCC to produce USD25bn worth VAT revenues
13 Dec 2016
(MENAFN) Gulf States are predicted to generate incomes in excess of USD25bn per annum from the offered value added tax (VAT) at the rate of 5 percent.
Moreover, the adoption of the VAT by the GCC nations shows a main shift in tax policy, which will impact all segments of the economy and lead to change in the ways businesses operate.
In addition, the projected VAT laws are not business as usual and may need many months for firms to integrate VAT functionality into their systems.
Meanwhile, all GCC States are working towards VAT implementation by Jan 1, 2018 in order to avoid transaction and sales issues that could arise from intra-GCC trade.
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BBK discloses its financial results for the half year ended 30th June 2025
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CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
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