VAT news tagged as "GCC"

Bahrain

Bahrain VAT launch by end of 2018

February 22nd, 2018

The Bahraini Finance Minister has confirmed the Gulf state’s plan to launch a 5% VAT regime before the end of 2018. The implementation date could be 1 October 2018.  “We’ll be working with parliament on VAT and aim to have everything set up by the end of 2018,” Sheikh Ahmed said. Bahrain, along with Kuwait, …


United Arab Emirates

UAE delays first VAT returns

January 23rd, 2018

The United Arab Emirates Federal Tax Authority has relaxed the initial filing dates for the new VAT regime, launched on 1 January 2018. This is to provide businesses, particularly smaller enterprises, time to adjust to the new indirect tax. Under the new VAT regime, businesses with a turnover above DH150million are required to file monthly …


Bahrain

Bahrain launches 5% VAT October 2018

January 16th, 2018

Newspaper reports claim the Bahraini Ministry of Finance has confirmed that it will launch a 5% VAT regime on 1 October 2018.  Supplies subject to VAT will exclude health care, education and transportation.  There will be a VAT registration threshold of approximately $100,000. Bahrain will be the third member of the Arab Gulf Coordination Council …


United Arab Emirates

Arab Gulf VAT live today

January 1st, 2018

Saudi Arabia and the United Arab Emirates (UAE) have today become the two latest states to impose Value Added Tax on their consumers.  From midnight, 5% VAT became due on most transactions, including between companies (but with the right to reclaim). GCC 6 states and VAT In 2016, the six members of the Gulf Cooperation Council …


United Arab Emirates

UAE reissues 2018 VAT regulations

November 28th, 2017

The United Arab Emirates has approved, and reissued the Executive Regulations for the introduction of 5% VAT on 1 January 2018. Draft regulations were published, and then retracted, earlier this month. The regulations provide details on: VAT rates Place of supply rules Exemptions from VAT VAT groups treatment of exports and imports VAT registration and deregistration, VAT …


United Arab Emirates

UAE draft VAT Executive Regulations

November 8th, 2017

VAT Registrations Businesses providing taxable supplies may apply for a voluntary VAT registration if their sales exceed AED 187,500 per annum Businesses providing exclusively zero-rated supplies may apply for an exemption from the obligation to VAT register The mandatory VAT registration threshold is AED 375,000 sales per annum A registration application must be submitted within …


Bahrain

Bahrain VAT launch set back

November 5th, 2017

A key parliamentary committee, Financial and Economic Affairs Committee, in Bahrain has rejected latest tax reform proposals, including plans to introduce VAT. The rejected Bill included launching VAT in accordance with Bahrain’s sign-up to the Gulf Cooperation Council’s (GCC) Agreement on VAT.  The House of Representative committee vetoed it on the grounds that it contains sweeping …