Taxation in GCC
Why Taxes? The sharp decline in oil prices in recent years, have substantially affected the revenue of the Government in GCC countries. It has also delayed, various development projects which will again result in increased costs for completion of projects. The subsidies offered on various energy and oil products in the region have also been […]
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 […]
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 […]
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. […]
THE IMPACT OF BREXIT ON VAT
In the referendum held on 23 June 2016, the United Kingdom voted in favour of exiting the European Union. Although the two-year exit process is yet to commence, consideration should be given to the tax implications that may arise, especially with regard to customs, excise and value added taxes. Transactions between the United Kingdom (UK) […]
The possible implications of Brexit on tax and business
On 23 June 2016, the people of the United Kingdom (UK) voted to exit the European Union (EU). The narrow margin of victory for Brexit and the strong reactions across the political and social spectrum were unexpected. This leaves the way forward unclear, especially for businesses. There is uncertainty on the exact tax and other […]
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 […]
EU Publishes New VAT Action Plan
The European Commission has released an Action Plan on VAT, setting out plans for the next two years to modernize European Union value-added tax (VAT) rules. By the end of 2016, the Commission is to propose legislation that would extend the current One Stop Shop concept to all cross-border e-commerce, including distance sales. It will […]
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 […]