Leading News Source For Middle East
Bahrain’s state legislature on Wednesday approved a bill to double the country’s Value Added Tax (VAT) from the existing 5 per cent to 10 per cent, Gulf Business reports. The Shura Council; the upper house of the legislature, is expected Read more
Oman has begun implementation of the Value Added Tax (VAT) from today April 16 with the expectation to raise bout RO 400 million (over $560 million) annually, Zawya reports. The sultanate officials have indicated that all necessary preparations and requirements Read more
Saudi finance ministry announced Monday the kingdom the value added tax (VAT) rate will increase from 5 % to 15 % from July 1 as part of austerity measures taken to prop up the economy hit by the impacts of Read more
Kuwait is postponing the implementation of Value Added Tax (VAT) to 2021 as authorities prefer for the time being to speed up the selective tax procedures on selected commodities such as tobacco, energy drinks and soft drinks. Unlike its neighbors, Read more
Egypt’s Finance Minister Amr El Garhy stated, while presenting the monthly financial report, that the country’s budget deficit has increased from 10.8% last year to reach 11.2% in the first 11 months of the current financial year. The financial year Read more
The Egyptian parliament has passed a law on Value Added Tax (VAT) after an intense debate and Finance Minister Amr El Garhy said “it’s a tax reform that Egypt needed to begin its economic reform process.” The VAT, fixed at Read more
The International Monetary Fund (IMF) has urged Oman to review its expenditure policies and introduce new taxesin order to reduce fiscal deficit as oil prices continue falling and reached below $40 per barrel for the first time in seven years. Read more