GCC Finance Ministers to discuss VAT mechanisms in Bahrain

 The GCC Financial and Economic Cooperation Committee will hold its 106th meeting in the Kingdom of Bahrain on Thursday, where finance ministers will discuss reported findings related to establishing appropriate mechanisms to implement the two unified conventions on value added tax, VAT, and selective tax ratified by the member states.

The committee will also address a number of issues, including the recommendations of the Committee of Governors of GCC Monetary Institutions and Central Banks in the GCC States on the linkage of payment systems across member states, as well as the recommendations of the GCC Customs Union Authority regarding the updating of requirements the Union and recommendations of the GCC Common Market.

The committee will consider expanding economic integration among GCC countries and the convergence of incentives and benefits to the private sector. The meeting will also cover the recommendations made by various working groups and other technical committees of the GCC Financial and Economic Cooperation Committee.

The ministers' meeting will be preceded by a preparatory meeting for GCC finance ministers on Wednesday.