31 Oct 2017
VAT, GCC Style
Introduction of a standard VAT (Value Added Tax) rate of 5% was agreed on by the Gulf Cooperation Council (GCC) countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) back in June 2016. And while the future of the GCC itself is currently not certain, due mainly to the ongoing feud between Qatar and the remaining members of the club, the process of introduction of the new tax regime is to begin according to plan. Saudi Arabia’s General Authority of Zakat and Tax (GAZT) confirmed the implementation of the new tax laws starting from January 1, 2018, while the remaining countries of the GCC have until the end of the year to follow suit.
Photo : Flickr, Citizen59