The GCC has confirmed that it will bring in VAT at 5 per cent on January 1, 2018.
Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said: “The implementation as per the GCC Supreme Council resolution will be implemented as of January 1 2018, and other countries can take a later date of implementation on January 1, 2019.”
There’s a span of one year flexibility given the readiness of each country,” he said at a conference hosted by the Ministry of Finance in Dubai and attended by Christine Lagarde, Managing Director of the International Monetary Fund.
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