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29 February 2016

Gulf Cooperation Council to implement VAT regime in 2018

The United Arab Emirates (UAE) Minister of State for Financial Affairs confirmed that value-added tax (VAT) will be implemented in the Gulf Cooperation Council (GCC) region in 2018. The GCC states include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. This announcement was made at a press conference on February 24 in Dubai. In recent years, the IMF has made recommendations to all GCC countries to reform existing tax systems and to introduce additional taxes to compensate for the sharp reductions in government revenues resulting from falling oil prices and to strengthen their financial systems.

A Tax Alert prepared by Ernst & Young Qatar, and attached below, provides additional details.

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Document ID: 2016-0400

 

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