The UAE and Saudi governments have finally implemented the Value Added Tax (VAT) system on the 1st of 2018, after more than year of planning. Many business and individuals are still struggling to grasp how to handle this new tax system. The VAT was set at 5% in both countries and is expected to stay at that rate. This rate applies to almost every good or service one purchases daily, with the exception of certain specified items stated by each government.
globalEDGE Blog - By Tag: gcc
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In part two of this week's trade blocs series, we are taking a look at the Gulf Corporation Council.
Morocco is turning to the Gulf Corporation Council (GCC) as its trade relationship with the European Union takes an unexpected turn. The relations between the European Union (EU) and Morocco began to deteriorate when the European Court ruled that a farm trade accord did not apply to Morocco’s Western Sahara territory. Soon after, Morocco began to make ties with the GCC in order to diversify its markets away from the EU, its main trading partner.
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Britain’s historic decision to leave the European Union (EU) has caused massive economic and political chaos. World financial markets tumbled immediately after the vote and the British pound fell tremendously. Britain will look to further engage in trade to offset some of its economic loss.
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The Gulf Corporation Council (GCC) countries have come together to reach an agreement regarding implementing the VAT (Value Added Tax) system by the end of 2018. This agreement may come as a surprise to many people, since the GCC region was known for its tax-free perks and massive income from oil. However, the circumstances now prove to be otherwise. The plunge of oil prices since last year has immensely reduced government revenues, making it a necessity for the GCC countries to find new sources of revenue and diversify their portfolio.
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The Gulf Cooperation Council (GCC) trade bloc has six member states within the Middle East: United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait. The trade bloc was entered into force on December 1, 1981, covering goods and services as well as military trade between the countries.
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Since its establishment in 1981, the Gulf Cooperation Council (GCC) has made its primary priority to be the creation of a monetary union, and subsequently, a single currency across the region. The Gulf Cooperation Council is a trade bloc of six Arab nations residing in the Persian Gulf: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The GCC nations, excluding Oman and the UAE, have aimed for January 1, 2010 as a deadline for establishing a common currency. If the GCC is successful in establishing a single currency among their member nations, what implications could this have for them and the international business world?