On 7 August 2017, Kuwait's Cabinet approved draft bills for the ratification of the Gulf Cooperation Council (GCC) agreements for the introduction of value added tax (VAT) and selective excise tax regimes. The agreements provide the framework for the implementation of the regimes as agreed by all GCC member states. This includes a standard 5% VAT rate with registration threshold of approximately USD 100,000, and a selective (excise) tax on products deemed harmful to health at a rate of 100% on tobacco and tobacco products and 50% on energy and carbonated drinks. The new tax regimes are to apply from...