The Gulf Cooperation Council (generally referred as GCC), which is the regional intergovernmental political and economic union consisting of Arab states of the Persian Gulf - Kingdom of Bahrain, Kuwait, Sultanate of Oman, Qatar, Kingdom of Saudi Arabia, and the United Arab Emirates[i], had one of its most significant meeting towards later half of 2016, which paved the way for a far reaching socio economic development in the region since the discovery of oil reserves in for commercial exploitation during the 1960’s. The meeting ended with a mutual consensus to implement Value Added Tax (VAT) in GCC member countries and a treaty called GCC VAT Treaty or Common VAT Agreement of the States of GCC [ii] had been entered in to for the implementation of this goal.
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