Oman to participate in GCC VAT in 2018
Recently, IMF has recommended to all GCC countries to revise their existing tax systems and implement additional taxes to deal with the reductions in government revenues that result from the decline in oil prices and to strengthen their financial systems. As a result, GCC, which involves Saudi Arabia, The United Arab Emirates, Bahrain, Kuwait, Qatar and Oman, agreed on a common VAT rate of 5%.
GCC countries will start implementing the new tax regime as of January 1, 2018.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Upsurge continues to wreak havoc on Turkey’s PP, PE markets
- PVC rally roars back in Asia as supply worries mount
- China PP, PE markets join global rally after Lunar New Year holiday
- PE, PP and PVC supply crunch exacerbated on US absence, traditional trade flows upended
- European PP, PE markets set for 5th bullish month as shortage bites
- Turkey shattered as PP prices shoot up to surreal levels
- Polymer markets face one of most chaotic times
- Turnaround season set to get underway in Asia
- Crude oil heals COVID-inflicted wounds; now what lies ahead?
- Global shipping turmoil deepens, adding to the upheaval in plastic resins