KUWAIT, Aug 10 (KUNA) -- The Ministry of Finance affirmed Thursday that the National Assembly have the final word in either approving or rejecting the Gulf Cooperation Council (GCC) framework agreements of the value added tax (VAT) and selective commodity tax.
The GCC framework agreements, including those related to the VAT and the selective commodity tax which have been ratified by the cabinet recent, are referred to the National Assembly for final approval, the ministry wrote in a post on its tweeter account.
It added that all Gulf agreements are firstly discussed and approved by the cabinet, before being referred to the National Assembly for deliberation and final endorsement according to the constitutional procedures. It pointed out that both taxes would be mulled thoroughly by the relevant parliamentary panels which will present their own reports to the parliament.
It argued that all GCC framework agreements are studied in details by joint committees ahead of submitting them to the GCC leaders for approval. (end) km.jk.ibi
The GCC framework agreements, including those related to the VAT and the selective commodity tax which have been ratified by the cabinet recent, are referred to the National Assembly for final approval, the ministry wrote in a post on its tweeter account.
It added that all Gulf agreements are firstly discussed and approved by the cabinet, before being referred to the National Assembly for deliberation and final endorsement according to the constitutional procedures. It pointed out that both taxes would be mulled thoroughly by the relevant parliamentary panels which will present their own reports to the parliament.
It argued that all GCC framework agreements are studied in details by joint committees ahead of submitting them to the GCC leaders for approval. (end) km.jk.ibi
All KUNA right are reserved 2017. Provided by SyndiGate Media Inc. (Syndigate.info).
