VAT news tagged as "GCC"

Oman

Oman 5% VAT September 2019

September 29th, 2018

Oman government representatives have said that the state is looking to implement a 5% VAT regime from 1 September 2019. In 2017, it signed the Gulf Cooperation Council VAT Framework Agreement. This included: Saudi Arabia, Qatar, UAE, Bahrain and Kuwait. Only Saudi Arabia and the UAE introduced VAT this year, as planned, but Bahrain is …


Bahrain

Bahrain to approve VAT launch Nov 2018

September 28th, 2018

Bahrain is scheduled to approve the implementation of a 5% VAT in November, in time for an early 2019 launch. The government is looking to pass through parliament the legislation to introduce the consumption tax, along with other fiscal reforms including a pension overhaul. The measures are to help reduce the state deficit, which has …


Kuwait

Kuwait readies VAT legislation

August 7th, 2018

The Kuwaiti government is reported to be reading draft VAT implementation legislation for the national assembly to review in October 2018. This could lead to implementation in 2019. The opposition in parliament is likely to be high. Earlier reports in the summer had suggested a 2021 or even 2022 launch date. In 2017, Kuwait and the five …


Qatar

Qatar aims for 1 Jan 2019 VAT

March 4th, 2018

Qatar is aiming to introduce VAT on 1 January 2019. It is a member of the 6 Gulf Cooperation Council states that committed to launch a harmonised VAT regime. To date, only Saudi Arabia and UAE have launched the 5% indirect tax system. The Qatari Tax Office is to shortly release guidance on the treatment …


Bahrain

Bahrain VAT launch by end of 2018

February 23rd, 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 …