VAT study to be completed in upcoming period - Saudi Min.

RIYADH, Oct 27 (KUNA) -- A study on the value-added tax (VAT) in GCC states would be finalized in the upcoming period, Saudi Finance Minister Ibrahim Al-Assaf said on Thursday.
Al-Assaf made the remark to reporters after presiding over the 105th meeting of the economic and financial cooperation committee, with the participation of Kuwait's Deputy Prime Minister, Finance Minister and Acting Oil Minister Anas Al-Saleh.
The committee discussed a number of key topics pertaining to economic integration amongst GCC states, in addition to the reports of the customs' union committee and the central banks governors' committee, Al-Assaf added. The VAT will be applied on commodities classified as luxury items by 2018.
Earlier today, the Saudi Minister noted that the meeting tackled a number of issues germane to financial and economic cooperation, including plans to avert double taxation which will prove crucial to commercial investment.
Meanwhile, GCC Secretary General Abdullatif Al Zayani affirmed in a speech that GCC states pay much attention to achieve integration in all fields, mainly the economic, monetary and financial ones. (pickup previous) yms.hm