VAT for GCC agreed at five percent in 2018

Published February 22nd, 2016 - 09:46 GMT
The Director General of the IMF also suggested to raise revenues via corporate income, property and excise taxes. (Elaph)
The Director General of the IMF also suggested to raise revenues via corporate income, property and excise taxes. (Elaph)
The GCC nations have agreed to introduce Value Added Tax at the rate of five per cent.
 
Speaking to reporters on the sidelines of the two-day Arab Fiscal Forum, being organized by the Arab Monetary Fund, Darwish Al Balouchi, deputy finance minister of Oman said that proposed levy will be introduced in 2018.

The director general of the International Monetary Fund, Christine Lagarde in her opening address at the Forum had asked the GCC nations to consider the VAT at the rate of up to two per cent of gross domestic product.
 
Christine Lagarde, Director General of IMF said that the GCC region can raise revenues from corporate income taxes, as well as property and excise taxes.
 
She further said that the region that lost $340 billion to oil prices plunge should continue to invest in building tax administration capacity that could eventually allow for the introduction of personal income taxes. 
 
By Haseeb Haider
 

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