Qatar Says VAT Could Begin in 2018

Qatar’s finance minister says a new unified value-added tax across the Persian Gulf Arab countries could come into effect as early as next year as the oil-rich region searches for new sources of revenue, AP reported. Ali Sherif al-Emadi told reporters Tuesday that all six members of the (Persian) Gulf Cooperation Council (Saudi Arabia, Kuwait, the UAE, Qatar, Bahrain, and Oman) had signed onto the agreement. Al-Emadi said a Jan. 1 implementation date could be delayed a year if countries need more time to prepare. He gave few details, but an earlier framework agreement calls for a 5% levy on some goods.