VAT, selective Excise Tax pacts come into effect in GCC

GCC Unified VAT, Selective Excise Taxation Agreements come into effect

RIYADH 24 May 2017: The Gulf Cooperation Council for Arab States’ (GCC) Unified Selective Excise Tax and the Unified Value Added Tax (VAT) agreements, have come into effect after ratification by the UAE.

The General Secretariat of the (GCC) has received the UAE’s ratification documents for the two agreements, said Wam.

In a statement issued on Tuesday, the Secretariat, said, “The UAE is the second State to submit the two ratification documents to the Secretariat.”

The two agreements have become effective when the second state submits the ratification documents to the Secretariat, it added.

Hence, the GCC unified selective excise tax and the VAT agreements entered into force, the statement said.

By Angel Chan