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VAT in the GCC
The Value Added Tax (VAT) system has been in existence as a concept around the world since sometime in the late 1940s.
Today, around 160+ countries of the more than 190+ who have announced their intentions have already implemented VAT, or similar systems.
In the early part of 2017, the six countries comprising the Cooperation Council for the Arab States of the Gulf (or GCC), the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Kuwait and Qatar, have signed the GCC Unified VAT Agreement.
VAT in Saudi Arabia
The Value Added Tax Law of Saudi Arabia was officially approved and published on H1438/11/4, while the Saudi Arabia Value Added Tax Implementing Regulations were officially approved on H1438/12/4. These VAT regulations (which build on the GCC Unified VAT Agreement and Saudi VAT Law) govern all aspects of the implementation of value added tax in Saudi Arabia.
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United Arab Emirates
The Value Added Tax Law of the United Arab Emirates was officially approved August 27, 2017, while its Value Added Tax Implementing Regulations were officially approved on November 26, 2017.
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