RIYADH: The Saudi Cabinet approved on Monday the Unified Agreement for Value Added Tax, which will be implemented throughout the Gulf Cooperation Council (GCC) starting next year.
In a session chaired by King Salman at the Al-Yamamah Palace in Riyadh, the Cabinet gave its nod to the measure after deeming that the Kingdom is ready to implement it, the Saudi Press Agency (SPA) said.
The six-nation GCC is composed of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).
A five-percent levy will apply to certain goods following a GCC agreement last June.
Excerpt from Arabnews