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 several food items. An exemption for financial services is also being considered, but not yet agreed to.
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.