Abu Dhabi-Mubasher: GCC countries have agreed on key issues for implementing value-added tax in the region, said Younis Haji Al Khouri, undersecretary at the UAE ministry of finance.
On the sidelines of a press conference to review the UAE’s performance in the GCC common markets, he told reporters that they agreed on key issues to apply zero tax on healthcare, education and social services sectors, in addition to 94 food items.
The plunge of oil prices since last mid-2014 had a negative impact on GCC government incomes, pushing them to find a new source to generate revenues.
Agreement on a number of sectors including financial services was still lacking.
The tax system is expected to be applied within three years, he said, adding that it would take from 18 to 24 months to be launched once a final agreement has been reached.
