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"
- On-Demand Webinar: Digital Compliance Developments in the UAE, KSA & Gulf Region
- GCC Countries Adopt 12-Digit HS Codes: Key Changes and Business Implications
- GCC Adopts 12-Digit HS Codes for Customs
- Middle East: Insights into the tax complexities involved in corporate reorganizations in the GCC region
- Customs duty exemption for Industrial production in GCC countries
