Abu Dhabi – Mubasher: GCC countries have reached an initial agreement to start applying the value-added tax (VAT) at 5% by 2018, stated Darwish bin Ismail Al-Balushi, Oman’s finance minister.
This move aims to boost the region’s revenues following a sharp decrease in oil prices.
The minister told Mubasher that some amendments to the tax could be made till 2018, yet generally the planned rate will be unchanged.
The new tax is expected to be gradually introduced so as to maintain the high level of competitiveness and elements of investment attraction, analysts said.
Translated by Ahmed El-Sayed Ali
