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GCC members to apply VAT in 2018

GCC members to apply VAT in 2018
The GCC finance ministers gathered yesterday in Riyadh (Photo credit: GCC website)

Riyadh – Mubasher: Saudi Finance Minister, Ibrahim bin Abdulaziz al-Assaf, said that GCC finance ministers have approved the agreement concerning the value-added tax (VAT), which will become effective as of 2018.

During the ministers’ meeting yesterday in Riyadh, al-Assaf also negated imposing income tax.

The GCC finance ministers gathered yesterday in the Saudi capital to discuss a number of issues relating the joint economic cooperation between GCC countries.