By Sheena Amos
RIYADH: The Saudi Cabinet approved the Unified Agreement for Value Added Tax on Monday.
The agreement, announced during the 37th Gulf Cooperation Council Summit, will be implemented throughout the GCC.
The implementation of VAT is projected to bring some $20 billion to the formerly-rich but now cash-strapped GCC states.
However, the implementation is being viewed with concern by the people, a large segment of whom are expatriates. They have been seeing their incomes eroded over the past few years as the GCC tightens up its belt and started tapping into the home base with new levies, charges and fees.
The Saudi cabinet also discussed the commitment of GCC embassies and consulates to ensure that the medical screening process for newly arriving expatiates is applied as part of the health check-up mission launched by the executive board of the GCC Health Ministers Council, according to Wam.