Saudi joins talks on VAT, selective tax in GCC states
The Saudi Council of Ministers has authorized minister of finance or his deputy to discuss two draft uniform agreements on value added tax (VAT) and selective tax for Gulf Cooperation Council (GCC) states.
The agreements shall be discussed within the framework of the GCC financial and economic committee, and sign them before forwarding the final versions to complete the legal procedures, reported the Saudi Press Agency.
The Council also authorized president of King Abdullah City for Atomic and Renewable Energy or his deputy to discuss with the Indian Ministry of New and Renewable Energy a draft agreement for cooperation in the renewable energy between the city and the ministry, and sign it before forwarding the final version to complete the legal procedures, SPA quoted Minister of Commerce and Investment and Acting Minister of Culture and Information Dr. Majed Al-Qasabi as saying.
Al-Qasabi reportedly said the Council approved signing of agreement with Venezuela to avoid double taxation and tax evasion.
The Cabinet lauded the outcome of the Gulf Shield 1 Exercise, conducted by the Eastern Fleet of the Saudi Royal Naval Forces in the Arabian Gulf and Oman Sea waters across the Strait of Hormuz, as well as the joint aerial drill called Al-Jazeerah Eagle in the United Arab Emirates with the participation of air forces of the GCC member states, reported Saudi Gazette.
The Council reportedly commended the enhanced cooperation and upgrading of the combating and operational preparedness of the GCC forces that have been achieved through the exercise.
With regard to the Kingdom’s participation in the annual joint meetings of the World Bank and the IMF and the meeting of the G20 which were held in Washington, Al-Qasabi was quoted as saying that the Cabinet highlighted the government’s efforts in implementing economic reforms as part of the National Transformation Program to achieve the Kingdom’s Vision 2030.
The Council underscored that the application of these reforms would yield a strong, balanced and sustainable economic growth and activate the role of the private sector in enhancing job opportunities and spurring economic growth, reported Saudi Gazette.