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Sunday, 12 February 2017

Six Gulf nations aiming for simultaneous VAT adoption in January: UAE official | Reuters

Six Gulf nations aiming for simultaneous VAT adoption in January: UAE official | Reuters:

"Policy makers in the six-nation Gulf Cooperation Council are aiming to introduce a 5 percent value-added tax at the start of next year, despite administrative and technical obstacles, a senior United Arab Emirates finance official said on Sunday. The GCC, its finances strained by low oil prices, has long planned to adopt the tax in 2018 as a way to increase non-oil revenues, but economists and officials in some countries have said privately that simultaneous introduction in all countries may not be feasible. That is because of the complexity of creating the administrative infrastructure to collect the tax and the difficulty of training companies to comply with it, in a region where taxation is minimal."



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