- In the GCC, Saudi Arabia and the UAE were the first to introduce a VAT system in January 2018
- Bahrain followed a year later, and Oman brought in the tax in April 2021
Bahrain, the smallest Gulf country, is planning a 100 percent increase in the value-added tax or VAT rate, effective from January 2022.
In the GCC, Saudi Arabia and the UAE were the first to introduce a VAT system in January 2018. Bahrain followed a year later, and Oman brought in the tax in April 2021. Qatar and Kuwait have yet to introduce it.
The initial rate of VAT in the four countries was 5 percent. However, Saudi Arabia tripled its VAT rate in July 2020 to 15 percent, and it seems Bahrain will now double its rate to 10 percent.
Source Trendsmena
- For all other newsitems on VAT in UAE, click HERE
- For all other newsitems on VAT in Bahrain, click HERE
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