VAT is being introduced in the GCC. Eleanor Thompson and Matt Parkes (Deloitte) assess the changes and challenges ahead.
On 30 January 2017 the Unified VAT agreement for the Cooperation Council for the Arab States of the Gulf (‘The VAT Treaty’) was signed by all the Gulf Cooperation Council (GCC) states (Bahrain Kuwait Oman Qatar the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE)). This ‘treaty’ sets out the common principles of the VAT system which are to apply in each GCC state including a basic 5% rate and it provides a structure on which domestic VAT legislation will be developed. The treaty has similarities to the EU VAT Directive: it sets out broad rules of operation for VAT whilst allowing individual countries to make choices of VAT policy (such as exemptions and zero rates) in some areas.
The...
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VAT is being introduced in the GCC. Eleanor Thompson and Matt Parkes (Deloitte) assess the changes and challenges ahead.
On 30 January 2017 the Unified VAT agreement for the Cooperation Council for the Arab States of the Gulf (‘The VAT Treaty’) was signed by all the Gulf Cooperation Council (GCC) states (Bahrain Kuwait Oman Qatar the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE)). This ‘treaty’ sets out the common principles of the VAT system which are to apply in each GCC state including a basic 5% rate and it provides a structure on which domestic VAT legislation will be developed. The treaty has similarities to the EU VAT Directive: it sets out broad rules of operation for VAT whilst allowing individual countries to make choices of VAT policy (such as exemptions and zero rates) in some areas.
The...
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