Four GCC states need more time on VAT, IMF official says - The National:
"Qatar, Kuwait, Oman and Bahrain need more time to introduce VAT because technically and politically they are not ready for the 5 per cent levy, which was implemented in Saudi Arabia and the UAE in January, an IMF official said. “Technically they should be able to be ready in a year and a half,” Abdelhak Senhadji, deputy director of the fiscal affairs department at the IMF told The National. “Of course there is the issue of political will to introduce it.” The IMF is working with the four GCC state, which are expected to introduce VAT as part of a GCC-wide agreement struck in 2016 to implement the levy across the six-member economic bloc, Mr Senhadji said."
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vat rates in gcc
ReplyDeleteVAT is essentially a consumption tax levied at every stage of the supply chain (added on the value added to goods and services) – from raw materials to the end product. It importantly serves as a source of revenue for governments.