UAE, Saudi to be the first countries in GCC to introduce VAT | GulfNews.com

UAE, Saudi to be the first countries in GCC to introduce VAT | GulfNews.com:

"The UAE and Saudi Arabia will be the first countries in the Gulf Cooperation Council (GCC) to introduce Value Added Tax (VAT) from January 1 next year, a senior government official said on Tuesday. “The UAE and Saudi Arabia will be the first countries to roll out VAT in the GCC from early 2018 while other Gulf countries have time till the end of next year to implement the new tax system,” said Khalid Ali Al Bustani, Director General of Federal Tax Authority (FTA), at a press conference in Abu Dhabi on Tuesday. The rate for VAT is set at 5 per cent whereas excise tax will be 100 per cent on tobacco and energy drinks and 50 per cent on soft drinks excluding sparkling water."



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