Experts Reassure Traders: Value-Added Tax will be Paid by Consumer

2016-10-29 - 2:27 ص

Bahrain Mirror: Economic experts confirmed (on Thursday, October 27, 2016), that the value-added tax (VAT), which Gulf countries intend to impose in 2018, will be borne by the end user and consumer (citizens and residents) and not the traders.

The experts, who spoke at a workshop organized by the GCC Chambers Federation, and Bahrain's Chamber of Commerce and Industry, reassured the traders that the VAT will be paid by "the consumers and not the traders", a statement that was met with their satisfaction.

According to the economic experts, the Arab Gulf countries intend to implement the VAT by 5% in January 2018.

Academic scholar Khaled Mozainy called on the "members of the society to take responsibility" for the VAT.

On his part, economic expert at PWC Consulting, Auditing and Accounting, Clarence Ellis, said that "taxes are not on the companies, but rather on the consumer".

Arabic Version    

التعليقات المنشورة لا تعبر بالضرورة عن رأي الموقع

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