A framework agreement for the introduction of value-added tax is expected to be signed by the Gulf Cooperation Council (GCC) states shortly, according to a report in the Times of Oman newspaper.The six-member states of the GCC had agreed last February to introduce a new 5 percent VAT by 2018, in an attempt to combat reduced revenue as a result of the low oil price.The UAE is expected to lead the way first, followed by Saudi Arabia, according to analysts.For detailed information and analysis on the introduction of VAT read Zawya’s Special Coverage.
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Guide to the issues involved in the GCC's plan to implement value-added tax in 2018.