An extraordinary meeting of GCC finance ministers tomorrow in Jeddah
Economy - Wednesday, June 15, 2016, 14:08 / 240 Show

Hold the finance ministers of the GCC tomorrow evening an extraordinary meeting in Jeddah to discuss the activation of economic integration which, in addition to the value-added tax and the selectivity of the GCC tax.

General Secretariat of the Council said in a statement today: «The meeting will address a number of topics, the most important of the recommendations submitted by the joint meeting of the commission agents Ministries of Finance and the Committee on the heads and directors of tax departments draft conventions unified VAT tax and selectivity of the Gulf Cooperation Council. The meeting will also discuss many of the proposals made by the GCC countries on activating cooperation and economic integration among member states. »

And agreed to the GCC countries to adopt a unified framework for the application of VAT by 5 percent to promote the sustainability of financial flows to governments, it is expected to apply the tax on December second / January 2018 or 2019 at the latest.