over 5000 jobs will be created in gcc
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Over 5,000 jobs will be created in GCC

Arab Today, arab today

Arab Today, arab today Over 5,000 jobs will be created in GCC

Saudi Arabia and the United Arab Emirates will be the first GCC member states to introduce VAT
Dubai - Arab News

Around 5,000 finance and accounting jobs would be generated with the introduction of the Value Added Tax (VAT) in the Gulf region, a tax law expert said on Wednesday.
Paul Drum, Head of Policy at CPA Australia and an expert in taxation laws, in a Dubai tax workshop said that “VAT brings good news to current finance and accounting students and graduates as this form of taxation will create ample employment opportunities.”
The Unified Agreement for VAT of the Cooperation Council for the Arab States of the Gulf, which was signed by the six member states of the Gulf Cooperation Council, required signatories to enact domestic legislation that would introduce a 5 percent VAT on certain transactions.
Gulf states have been looking at other ways to reduce dependency on oil revenues, as well as create new income streams to fund government services including public health services, public owned or funded schools, parks and transport infrastructure.
It is estimated that the VAT’s imposition will raise between $7 billion and $21 billion annually — or between 0.5 percent and 1.5 percent of regional GDP.
The IMF has said the returns could reach around 2 percent of region’s output.
Saudi Arabia and the UAE are expected to be the first Arabian Gulf countries to introduce the GCC-wide VAT on January 1, 2018, while other member states Kuwait, Qatar, Bahrain, and Oman have committed to implement their own VAT taxation by next year.
“The UAE will apply a VAT rate of 5 percent on taxable supplies which is very low in comparison to the average tax rate of 19 percent globally. However, not everything will be charged VAT as the law makes provision for zero rated and tax exempted goods and services to ensure that the impact of VAT on consumers is kept to a minimum,” Drum said.
Among the goods and service that would be subjected to VAT include electronics, smartphones, cars, jewelry, certain beverages, financial and accounting services, legal services, dining out and entertainment.
Certain services and goods such as nearly 100 food items, basic health services, transport and public education will be exempted from VAT.
The UAE has separately started to collect excise taxes at a rate of 100 percent on tobacco and energy drinks and 50 percent on fizzy drinks on October 1.

Source: Arab News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

over 5000 jobs will be created in gcc over 5000 jobs will be created in gcc

 



GMT 15:06 2017 Wednesday ,23 August

DGSN: More than 28,000 People Arrested in August

GMT 23:31 2018 Friday ,05 January

King receives Premier, Crown Prince

GMT 03:03 2017 Saturday ,10 June

May22nd-June21st

GMT 12:38 2013 Thursday ,25 July

Beauty and history of Al-Muwahideen mosque

GMT 06:56 2017 Wednesday ,20 September

Western powers warn Suu Kyi on Rohingya before speech

GMT 17:07 2017 Thursday ,29 June

Souq Okaz to introduce ‘Narrator’s Tent’

GMT 07:06 2017 Tuesday ,29 August

Israeli navy targets fishermen boats in Gaza waters

GMT 14:03 2016 Tuesday ,23 August

Turkmen president blasts sports chief

GMT 15:41 2017 Monday ,09 October

Poland head to World Cup, perfection for Germany

GMT 14:28 2016 Saturday ,31 December

Fog blankets northern parts of Oman

GMT 23:09 2017 Wednesday ,26 July

1 more Jakarta attack`s victims dead

GMT 08:24 2017 Friday ,27 October

Ezzat Abu Ouf frustrated for terrorism in Egypt

GMT 17:25 2014 Tuesday ,23 September

A Thousand Splendid Suns

GMT 19:03 2018 Sunday ,07 October

"Al-Dirdiri" We Agreed With USA on Dialogue

GMT 16:11 2018 Friday ,28 September

Four militants killed near Pakistan border
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday