- Advocate, Swamy Associates
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.
This story is available exclusively to subscribers of taxsutraquasar.com.
Sign In
to access the full content.
Not subscribed yet? Please
get in touch
with us for enquiries, free trials and subscriptions.