According to a statement from the United Arab Emirates Ministry of Finance on 7 December 2015, the Members of the Gulf Cooperation Council (GCC) are making progress on draft regulations for the implementation of a GCC-wide value added tax (VAT) system by the end of 2018. The GCC includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The standard VAT rate has not been set, although a 5% rate suggested by the IMF is being considered. Regarding zero-ratings and exemptions, the GCC States have agreed to a zero-rate for education, healthcare and social services, and exemptions for...