- The GCC approved amendments to the Unified VAT Agreement to improve how VAT is applied across member states.
- VAT on cross-border goods will generally be charged where the goods are ultimately consumed, with destination countries able to collect tax if proof of prior payment is missing.
- Each GCC country keeps the right to set its own standard VAT rate, as long as it stays at or above 5%.
- New rules also address transit goods, allow registered businesses to report import VAT through returns, and strengthen tax authority information sharing.
Source: fiscal-requirements.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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