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Could VAT finally be introduced in the Gulf?

For over ten years Bahrain Kuwait Oman Qatar Saudi Arabia and the United Arab Emirates (UAE) –the six countries that make up the Gulf Cooperation Council (GCC) – have been talking about whether to introduce a form of VAT across the GCC region. It now looks as if it might finally happen perhaps from 2018 although there can be no certainty until the necessary laws are passed.
Although there have been few official pronouncements it is understood from comments made recently by the UAE finance minister undersecretary Younis Haji Al Khouri that GCC countries have agreed on the main aspects of the tax. They are believed to have agreed a draft framework agreement but each state will need to draft its own laws incorporating the principles.
A tax rate...

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