Saudi Minister of Finance Ibrahim Al Assaf has announced that GCC finance ministers have approved the added value agreement and it’s get set for implementation. He said that the ministers have consented the need for implementing the added value tax.
During the meeting in the general secretariat of the council in Riyadh, the ministers discussed a number of additional taxes including the selective tax which is expected to be implemented soon.
Al Assaf added saying that the added value tax is well known worldwide, moreover, it is known to be easier than other taxes in respect of application and supervision.
The meeting witnessed discussing the matters of financial and economic cooperation between GCC states. Al Assaf saif that the council agreed on implementing the agreement starting from 2018 and until this date all preparations, utilities, and procedures should be defined in each state.
As for the taxation on cigarettes, energy drinks, and soda drinks, Al Assaf said that these products will see a special treatment in accordance with the supreme council decrees.