GCC Intends to Add New Taxes to Selective Tax
2018-11-11 - 11:16 p
Bahrain Mirror: The GCC Committee of Undersecretaries of the Ministries of Finance held a meeting on Monday, 5 November 2018, in Kuwait. The committee stated that there is an intention to expand the scope of goods covered by the selective tax.
The Undersecretaries of the Ministries of Finance in Gulf States with the participation of the Assistant Secretary General for Economic and Development Affairs of Gulf Cooperation Council (GCC) for Arab States Khalifa Al-Ibri and presence of representatives of member states and the secretariat discussed some topics, mainly increasing the goods included in the selective tax.
The attenders didn't specify the taxes to be added. However, some affirmed that the goods are those that harm human health and environment.
They said that the new goods are to be submitted to the ministers as recommendations, but indicated that agreeing on them is guaranteed.
Gulf States agreed on imposing 50% and 100% fees on cigarettes and energy drinks. These taxes were implemented in Saudi Arabia, Emirates and Bahrain.
- 2023-11-25S&P Revises Bahrain's Outlook to "Stable" on Fiscal Deficit Worries
- 2023-07-13Haj Sumoud Transferred from Dry Dock Prison to Al-Salmaniya Emergency Department after His Health Deteriorated
- 2023-06-22Bahraini Mumtalakat Buys Saudi McLaren's Stake
- 2023-05-18After Allocating $5 Billion Investment Fund, Is Bahrain Waiting New Saudi Support?
- 2022-09-21Abu Sa'afa Field Revenues Reach One Billion, 33 Million BD, Its Revenues Expected to Increase by 40% this Year