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…