Bahrain set to be next GCC country to introduce VAT

Bahrain is set to be the next GCC country to implement a five percent value-added tax (VAT). (Shutterstock)
Updated 26 August 2018
0

Bahrain set to be next GCC country to introduce VAT

  • The move is part of a framework agreed by GCC countries
  • The UAE and Saudi Arabia have already implemented tax on payments earlier this year

DUBAI: Bahrain is set to be the next GCC country to implement a five percent value-added tax (VAT), UAE daily Khaleej Times reported.
The move is part of a framework agreed by GCC countries, with the UAE and Saudi Arabia already having implemented tax on payments earlier this year.
Stevens added that he expects Oman, Qatar and Bahrain to implement the tax in early 2019 while Kuwait likely to enforce it later that same year, David Stevens, VAT implementation leader, at EY said.
“We hope all four will make public announcements as to their intended start dates after Eid Al Adha, so businesses can act with some certainty in their time consuming and essential readiness preparations,” Stevens added.


Governments must regulate social networks: Facebook’s Clegg

Updated 20 min 48 sec ago
0

Governments must regulate social networks: Facebook’s Clegg

  • Clegg said there was a “pressing need” for new “rules of the road” on issues including data privacy and election rules

LONDON: Governments, not companies, must regulate social networks, Facebook’s head of global affairs and former UK deputy prime minister Nick Clegg, said Monday.
“It’s not for private companies, however big or small, to come up with those rules. It is for democratic politicians in the democratic world to do so,” Clegg told the BBC in an interview.
Clegg, the former leader of British Liberal Democrats party, said there was a “pressing need” for new “rules of the road” on issues including data privacy and election rules.
At the same time, companies such as Facebook should play a “mature role” in advocating regulation, he told the BBC.
Clegg later told an audience in Berlin that countries like China would not wait for the west to set standards for the Internet.
“If we in Europe and America don’t turn off the white noise and begin to work together, we will sleepwalk into a new era where the Internet is no longer a universal space but a series of silos where different countries set their own rules and authoritarian regimes soak up their citizens’ data while restricting their freedom,” he said at the Hertie School of Governance.
“The fact is there is no longer a single unilateral Internet but rather two Internets: China and the rest of the world.”
Clegg said he was in Berlin for the last in a series of meetings with experts around the world about the creation of a Facebook “independent oversight board” that would make binding decisions about content issues such as reported hate speech.
He said the company expected to release a “final charter” for the oversight board this summer.
“But it would be a much easier task as well as a more democratically sound one if some of the decisions that we have to make were instead taken by people who are democratically accountable to the people at large rather than by a private company,” he said.
Britain has said it will make social media bosses personally liable for harmful content and shut down offending platforms under a “world-leading” government plan.
Coming in for heavy criticism over the past year, Facebook has instituted changes, particularly on privacy and the transparency of political campaign ads.
Facebook chief Mark Zuckerberg has called for “globally harmonized” online regulation.
Sceptics say Facebook is seeking to buy time amid calls for tougher regulation in the United States and elsewhere — with some calls to break up major tech firms and other activists questioning whether they should maintain immunity from liability for content posted by users.