The Introduction of VAT in the Middle East
The Gulf Cooperation Council will start implementing VAT at a rate of 5% from 1 January 2018. The Gulf Cooperation Council (GCC) – of which the UAE and Qatar are member states along with Saudi Arabia, Kuwait, Bahrain, and Oman – will start implementing the Value Added Tax (VAT) at a rate of 5% from 1 January 2018. […]
GCC : Will Growth Rate Continue to Decline?
Introduction Tough days are still on for all six countries of Gulf Cooperation Council (GCC). Various reports and survey including report of World Bank provides for slashing growth rate and tightening of monetary and fiscal policies and increased fiscal deficits. World Bank agrees that the prime reason for this forecast is majorly due to expectation […]
IPR protection measures in GCC
Introduction Gulf region is largely recognized for its large amount natural resources especially of oil and gas. With the remarkable growth in the economy, it has attracted the eyes of investors from all over the world. With an ambitious objective to promote co-operation of member nations and become knowledge based economies Gulf Cooperation Council (GCC) […]
Introduction of Trademark Law in Bahrain
Introduction Bahrain published and introduced trademark law on 29th May, 2016 and with this it became second nation in the Gulf Cooperation Council (GCC) to bring GCC trademark law into force after Kuwait where trademark law came into force in the beginning of this year. The GCC trademark law was initially published by GCC Secretariat […]
Foreign investment in Qatar grows to $144 billion
The total foreign investment in Qatar has touched an estimated QR525.7bn ($144 billion). The country’s total inward investments increased by QR1.6bn at the end of 2014, from a year ago, “Qatar foreign investment survey 2015” released by the Ministry of Development Planning and Statistics (MDPS) noted. Other foreign investments, meaning transactions from aboard in the […]
Middle East & Africa set to see growth of 3.4%
DUBAI: The International Monetary Fund on 19.07.2016 raised its 2016 growth forecast for the Middle East and North Africa after a rebound in oil prices, but maintained its cautious outlook for Saudi Arabia. The region, along with Afghanistan and Pakistan, is set to see economic growth of 3.4 percent this year, better than a previous […]
GCC to discuss introduction of taxes
The Financial and Economic Cooperation Committee in the Gulf Cooperation Council will hold an extraordinary meeting in Riyadh, Saudi Arabia, 24.05.2016 to discuss the introduction of taxes. The official Saudi Press Agency (SPA) reported that the meeting will discuss a number of topics, including the recommendations regarding the draft of a unified agreement on value added tax (VAT) and selective […]
UAE To Implement VAT On 1 January 2018
The UAE Minister of State for Financial Affairs, His Excellency Obaid Humaid Al Tayer, has stated that the UAE will implement VAT at the rate of 5% on 1 January 2018. The minister was speaking in Dubai on 24 February after a joint press conference with Christine Lagarde, Managing Director of the International Monetary Fund […]