GCC states agree on formulating framework of VAT

Published by Khaleej Times   http://www.khaleejtimes.com/

On 31 March 2015

The decision was taken by Under-Secretaries of the Ministries of Economy and Finance of the Gulf Cooperation Council, GCC, states have, in their 46th meeting in Doha.

The decision was taken by Under-Secretaries of the Ministries of Economy and Finance of the Gulf Cooperation Council, GCC, states have, in their 46th meeting in Doha.

DOHA – Under-Secretaries of the Ministries of Economy and Finance of the Gulf Cooperation Council, GCC, states have, in their 46th meeting in Doha, agreed to formulate a general framework for the introduction of value added tax, VAT.

The Kuwaiti News Agency, KUNA, has quoted the Under-Secretary of Kuwait’s Finance Ministry, Khalifa Hamada, as saying that a legal team has been assigned to finish the framework which is to be submitted at a meeting of the GCC Ministers of Finance and Economy due in Qatar this May.

He added that the 46th meeting reviewed the outcome of the GCC Customs Union Commission meetings and all topics related to the GCC Customs Union, especially the mechanisms of customs duties collection.

Hamada noted that the meeting called for finishing all requirements of the establishment of the Customs Union by the end of this year, especially the customs protection, the protection of the local agent and the unification of customs procedures.

The Kuwaiti official underlined the significance of having a real customs union and eliminating all barriers to facilitate movement of commodities between GCC countries and increase trade exchange.

The meeting also focused on the outcome of the Committee of Governors of Central Banks, he said, adding that a number of recommendations will be also referred to the meeting of the GCC ministers.

Criteria of a study on economic integration among GCC countries were also tackled, he said, noting that this study will draw up an economic road map for GCC member states.

He asserted that GCC countries have implemented equality among civil servants in terms of salaries and insurance service, adding that the Qatar meeting will discuss any relevant obstacles.

Source  : WAM

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