Despite recent comments from the International Monetary Fund to the contrary, Bahrain is now looking set to become the next Gulf State to introduce VAT after Saudi Arabia and the UAE.
Tag - Gulf Cooperation Council
VAT will not be implemented in Oman until 2019, the sultanate's ministry of finance has announced. This delay, reported by Oman TV, had been widely expected for some time.
Following on from last week’s article there have been further developments this week regarding the introduction of a VAT regime in the Gulf Cooperation Council (GCC) countries.
Further to a previous update we can bring you further news of the planned harmonized VAT union between Gulf Cooperation Council (GCC) countries in 2018.
The General Authority of Zakat and Tax has recently released the list of items that will not be subject to VAT from 1st January 2018. This includes medicines, medical equipment and certain precious metals.
Further exemptions will affect house rent and government services such as passport and driving license issuance.
Further to our previous update on the implementation of VAT in the Gulf Cooperation Council (GCC) countries we can now bring you further news. While all six countries remain committed it seems certain that the simultaneous introduction on January 1st 2018 will be delayed.
Ahead of the scheduled introduction of VAT for the six members of the Gulf Cooperation Council on January 1st 2018, we continue to bring you regular updates.
Hotel operators in the Gulf region may need to modify their room rates and their overall fee strategy starting next year to continue to appeal to consumers following the introduction of VAT.
The Arabic text of the GCC Unified Agreement on Value Added Tax (GCC UAVAT) has been published in the Saudi official gazette. The GCC UAVAT provides the framework for the introduction of VAT in all six GCC member states.