More than 170 countries throughout the world have implemented a VAT system, and some of the most recent adopters are the Gulf countries. In a bid to diversify economic resources, the Gulf countries have spent the past decade investigating other ways to finance its public services.
As a result, in 2016 the GCC (Gulf Cooperation Council), consisting of Saudi Arabia, UAE, Bahrain, Kuwait, Qatar and Oman, signed the Common VAT Agreement to introduce a VAT system at a rate of 5%.
Source Sovos
Latest Posts in "GCC"
- Comarch Webinar: GCC E-Invoicing Roadmap: Navigating Mandates in KSA, the UAE, and Oman (July 1)
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- Saudi Arabia Approves GCC VAT Amendments Reshaping Cross-Border Trade Rules
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