KUWAIT: Oman’s finance ministry decided to postpone the implementation of the Value Added Tax (VAT) until 2019, and transitive tax until mid-2018. Meanwhile, a CNBC Arabiya TV said that Kuwait has also decided to defer applying VAT until 2019, likely to give the National Assembly enough time to vote on the unified Gulf Cooperation Council (GCC) to enforce the tax in all member states.
Saudi Arabia and the United Arab Emirates have already decided to put the tax into practice by January 1, 2018. VAT is a tax imposed on the difference between products’ cost and sale prices. It is an indirect tax imposed on all goods and services except those exempted by an official decision.
By A Saleh