Officials of the Gulf Cooperation Council (GCC) have adopted an agreement for the implementation of a value added tax (VAT) during the 100th meeting of the GCC Financial and Economic Cooperation Committee recently held in Doha. Members of the GCC include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Under the agreement, each GCC Member should issue its own domestic legislation for the implementation of a VAT regime provided that common principles of the agreement are applied. Although no VAT rates have yet been set, it is expected that the headline rate will be 3 to 5%....