Bahrain: Minister of Finance signs the GCC Unified VAT and Excise Tax Treaties
In brief On 1 February 2017, the Kingdom of Bahrain signed the GCC unified VAT and Excise Treaties. The Minister of Finance stated that Bahrain is planning to introduce VAT by mid-2018 and is targeting to introduce Excise Tax by mid-2017. The normal constitutional processes will need to be completed prior to the introduction of […]
Jordan Foreign Investment Regulations updates
Introduction The Jordanian economy is majorly based on the investments from various Gulf countries as the country do not possess rich natural resources unlike neighboring countries. But, these investments have seen a sharp downfall due to the global slowdown and fall in oil prices. Jordan has introduced various investment laws during this period to […]
3 major regulations for distribution of pharmaceuticals in the GCC region
Introduction The GCC healthcare market in one of the fastest growing industry in the region and still have enough potential for future growth at the same or higher rate considering various ongoing mega projects supported by the respective Governments as part of their long-term strategy to streamline the issues related to health care of […]
KSA to Plans Boost Investment in Private Sector
Introduction Economy of Kingdom of Saudi Arabia (KSA) has faced the worst hit of a sharp fall in oil prices and to deal with the situation efficiently and overcome the menace, the Government has launched various development and transformation programs to divert the economy from its dependence on oil. Mr. Salman, King of the nation […]
Be ready for the Unified GCC Customs Tariff 2017
In brief The Customs Authorities of the Gulf Co-operation Council (GCC) countries have recently finalized the Unified GCC Customs Tariff 2017, which will enter into force on 1 January 2017. The amendments to the Unified GCC Customs Tariff may have a major impact on your company. In detail Every five years, the HS is updated in order to […]
VAT to boost GCC revenues by $25b per annum
A five per cent VAT will lead to fundamental change in the way businesses operate across around the region. The adoption of value added tax by GCC countries in 2018 would enable the six countries to generate additional annual revenues of $25 billion, tax experts. A five per cent VAT, which represents a major shift […]
Oman Confirms Participation In Gulf Cooperation Council (GCC) Value Added Tax (VAT) From 2018
Oman is the latest Gulf Cooperation Council territory to confirm its participation in the bloc’s value-added tax project. VAT is to be introduced in GCC countries from 2018, to diversify their tax bases away from revenues from oil. Earlier this month, Kuwait also confirmed that it would introduce the levy from 2018. In a meeting […]
Strategic Cooperation Between Riyadh and Ankara Hits New Highs
RIYADH: Saudi Arabia and Turkey have been enjoying a deep and longstanding bond based on their common geopolitical interests and similarities in approaches on a host of regional and international issues. The recent visit of Crown Prince Mohammed bin Salman, minister of interior, to Turkey; preceded by the visit of Custodian of the Two Holy […]
Oman VAT by 1 January 2018
The Ministry of Finance of the Sultanate of Oman announced that it intends to implement VAT by the beginning of 2018. In an announcement made to the Oman News Agency, and Gulf News, HE Saud Nasser Al Shukaili, secretary-general of Taxation at the Ministry of Finance, confirmed that, in accordance with the joint efforts between […]
GCC, Turkish Foreign Ministers set to discuss Iraq and Syria
RIYADH: The escalating tensions between Turkey and Iraq, as well as the bloodshed in Syria, will top the agenda of a high profile joint meeting of the foreign ministers of the six-nation Gulf Cooperation Council (GCC) and Turkey here on 13.10.2016. The meeting will also focus on a range of key regional and international issues […]