Gulf Cooperation Council: VAT to be Introduced by 2018
Type
E-journal
Date
8 Dec 2015
Jurisdiction
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates
Taxonomy
VAT
Copyright
LexisNexis
Analysis
An official from UAE's Finance Ministry has announced the Gulf Cooperation Council states have agreed a timeframe for introducing VAT.
The Deputy Finance Minister, Yunus Hajjy Alkhouri said the group are looking to introduce VAT by 2018.
It will not be imposed on health, education or social services. 94 other types of goods will not be subject to the tax when it is introduced but ministers are yet to agree on whether to include financial services in its remit.