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

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.


Saudi finance ministry hosts foreign investors ahead of budget 

Updated 09 December 2019

Saudi finance ministry hosts foreign investors ahead of budget 

  • Twenty two international investment companies are being shown around some of the Kingdom’s top non-oil based companies
  • Saudi banks such as SAAB, Samba, NCB, Bank AlJazira and Alinma Bank are also in attendance

RIYADH: Saudi Arabia’s Ministry of Finance has kicked off a tour for foreign investors in Riyadh today ahead of the 2020 Budget Forum on Dec. 10.
Twenty two international investment companies from Taiwan, the US, the UK, Malaysia, Indonesia, Japan, Hong Kong, Germany and France have been invited to visit some of the Kingdom’s top non-oil based companies.
The group includes a number of international investment companies, insurers and asset managers, including Goldman Sachs, Mayfair Bank, Etiqa Insurance and Nippon Life Insurance Company among others.
Saudi banks such as SAAB, Samba, NCB, Bank AlJazira and Alinma Bank are also in attendance.
Among the sites visited by the delegation are the Riyadh Metro, where the group got a glimpse of the bus and train systems that are due to launch mid-2020. 
The tour also takes in Al-Turaif UNESCO heritage site, and Qiddiya, the entertainment mega project under development in Riyadh.