A provincial intergovernmental economic and political alliance, the Gulf Cooperation Council (GCC) is made up of all the Arab governments in the Persian Gulf, with the exception of Iraq. Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Oman, and Qatar are its members. When the GCC was founded in 1981.
The Gulf Cooperation Council's (GCC) primary goals are to bring its members closer together and to support, maintain, and enhance their respective initiatives toward economic, social, and cultural advancement and prosperity. Additionally, the council has attempted to put into place a single tax system known as the Value Added Tax (VAT).
An overview of the Gulf Cooperation Council's value added tax, including its rates, is given in this article.
Taxes on consumption that are applied to goods at every stage of the supply chain, from production to the point of sale, are called value-added taxes, or VATs. The value of the products or services the customer has purchased determines how much Vat Tool in Dubai they will have to pay.
In order to increase government revenue and harmonize tax systems throughout the region, the GCC countries replaced their former consumption tax system with a value added tax (VAT) on January 1, 2018. Currently, the GCC countries have a 5% VAT rate.
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