Saudi Arabia, UAE introduce VAT for first time
January 1st, 2018
Saudi Arabia and United Arab Emirates (UAE) became first countries of Gulf Cooperation Council (GCC) to introduce Value Added Tax (VAT) for the first time to increase their revenue away from oil reserves. The other members of 6 member GCC– Bahrain, Kuwait, Oman and Qatar – have also committed to introduce VAT, though some have delayed plans until at least 2019.