The Member States of the Gulf Cooperation Council (GCC) have concluded a general framework for the implementation of a value added tax (VAT). Members of the GCC include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
The project to introduce a GCC-wide VAT system has been ongoing for a number of years. However, with the Member States supported by strong oil prices, the need for increased revenue from a VAT was not sufficient to push the project forward. With the drop in oil prices though, the project is moving forward with a general framework finalized, and the detailed rules for implementation expected by the upcoming GCC meeting in May 2015.
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