Gulf Cooperation Council Reaches Final Agreement on VAT
On 16 June 2016, the Finance Ministers of the six members of the Gulf Cooperation Council (GCC) reached a final agreement for the introduction of a value added tax regime by January 2018. Of the six members:
- Qatar confirmed on 18 June that it will implement VAT at the rate of 5% in 2018;
- Saudi Arabia's cabinet has approved the adoption of a VAT regime in its the National Transformation Program…