GCC unified excise tax, VAT come into effect

RIYADH / WAM

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. In a statement, 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.