The economic policies on-boarded by the Gulf states have varied in the last three years, including those on foreign trade and taxes, especially on the VAT. The text of the original unified VAT agreement signed by all GCC countries stipulated implementing a unified tax rate of 3 per cent.
In the EU countries, there is a disparity in VAT rates, but it is a small and acceptable margin and has no significant effects on the economic policies of the bloc.
Within this approach, the Gulf countries that have not yet implemented the VAT regime must join the rest in doing so.
Source: Gulf News
