Approval of VAT-system Gulf area
Last month the introduction of a VAT-system in in the Gulf area has been approved. This has been confirmed at a meeting of the Gulf Cooperation Council (GCC) which included Saudi Arabia, Qatar, Oman, Kuwait, Bahrain and United Arab Emirates. The VAT-system is being introduced around the Gulf area in order to compensate the losses of oil revenues.
At the following meeting (third quarter of 2016) it is likely that the framework of the VAT-system is expected in more detail. Also some procedural points will be expected.
We will continue to inform you regarding the VAT developments in the Gulf area.
If you have any questions regarding this topic, please contact one of our VAT Compliance advisors.