Six Gulf nations aiming for simultaneous VAT adoption next January


  • Business Premium
  • Monday, 13 Feb 2017

DUBAI: Policymakers in the six-nation Gulf Cooperation Council (GCC) are aiming to introduce a 5% value-added tax (VAT) at the start of next year, despite administrative and technical obstacles, a senior United Arab Emirates (UAE) finance official said.

The GCC, its finances strained by low oil prices, has long planned to adopt the tax in 2018 as a way to increase non-oil revenues, but economists and officials in some countries have said privately that simultaneous introduction in all countries might not be feasible.

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Business , GCC , VAT , oil

   

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