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...
- Europe’s PE markets under pressure from rising supplies
- PP demand fares better than PE in Turkey
- Taiwanese major poised to come lower for a 3rd month to Asian PVC markets
- Covid concerns loom large in China, hitting demand and supply-chain
- Egypt’s PVC markets extend drops into January
- SE Asian PP, PE markets look for direction amid tepid demand, rising freights
- European PS, ABS markets open 2022 on firm footing
- Asia PET prices extend gains into January
- China’s PVC exports hit records in 2021; challenge global suppliers
- Stats: Turkey’s PP, PE imports on track for record-setting year