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Introduction of VAT in GCC

Introduction of VAT in GCC

Old Mar 31st 2015, 2:56 pm
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Default Introduction of VAT in GCC

Gulf officials have agreed to formulate a general framework for the introduction of value added tax, better known as VAT, in the region.
Under-Secretaries of the Ministries of Economy and Finance of countries in the Gulf Cooperation Council agreed the deal at their 46th meeting in Doha, news agency WAM reported, citing Kuwaiti News Agency.
It quoted the Under-Secretary of Kuwait's Finance Ministry, Khalifa Hamada as saying that a legal team has been assigned to finish the framework which is to be submitted at a meeting of the GCC Ministers of Finance and Economy in May.
He added that the meeting called for finishing all requirements for the establishment of the Customs Union by the end of this year.
The Kuwaiti official underlined the significance of eliminating all barriers to facilitate movement of commodities between GCC countries and increase trade.

Gulf states agree to push ahead with VAT plans - Politics & Economics - ArabianBusiness.com

Will they finally do it?
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Old Mar 31st 2015, 3:48 pm
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Default Re: Introduction of VAT in GCC

Originally Posted by mikewot View Post
Gulf officials have agreed to formulate a general framework for the introduction of value added tax, better known as VAT, in the region.
Under-Secretaries of the Ministries of Economy and Finance of countries in the Gulf Cooperation Council agreed the deal at their 46th meeting in Doha, news agency WAM reported, citing Kuwaiti News Agency.
It quoted the Under-Secretary of Kuwait's Finance Ministry, Khalifa Hamada as saying that a legal team has been assigned to finish the framework which is to be submitted at a meeting of the GCC Ministers of Finance and Economy in May.
He added that the meeting called for finishing all requirements for the establishment of the Customs Union by the end of this year.
The Kuwaiti official underlined the significance of eliminating all barriers to facilitate movement of commodities between GCC countries and increase trade.

Gulf states agree to push ahead with VAT plans - Politics & Economics - ArabianBusiness.com

Will they finally do it?
Still unlikely that they'll be able to settle their squabbles in the near future.
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Old Mar 31st 2015, 4:30 pm
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Default Re: Introduction of VAT in GCC

Do you remember all the hooha about a joint currency for the GCC ? that plan has been shelved too it would appear !
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