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Six Gulf states will start taxing people for the first time | Six Gulf states will start taxing people for the first time |
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Six Gulf states have said they will tax their citizens for the first time in a radical policy shift. | Six Gulf states have said they will tax their citizens for the first time in a radical policy shift. |
The Gulf Cooperation Council (GCC) - a loose fedration of Saudi Arabia, Kuwait, Bahrain, Oman, Qatar and the United Arab Emirates - has agreed to introduce VAT following costly military campaigns and a drop in global oil prices. | The Gulf Cooperation Council (GCC) - a loose fedration of Saudi Arabia, Kuwait, Bahrain, Oman, Qatar and the United Arab Emirates - has agreed to introduce VAT following costly military campaigns and a drop in global oil prices. |
Saudi Arabia has withdrawn tens of billions of dollars from global investment funds in an attempt to reduce its budget deficit, The Times reports. | Saudi Arabia has withdrawn tens of billions of dollars from global investment funds in an attempt to reduce its budget deficit, The Times reports. |
Despite this, it has pursued an aggressive foreign policy, supporting anti-government troops in Syria and spearheading an eight-month military campaign against Iran-backed rebels in Yemen. | Despite this, it has pursued an aggressive foreign policy, supporting anti-government troops in Syria and spearheading an eight-month military campaign against Iran-backed rebels in Yemen. |
Oil prices have dropped near $40 a barrel this week, the lowest since the financial crisis. | Oil prices have dropped near $40 a barrel this week, the lowest since the financial crisis. |
Taxation is considered an alternative source of income for Gulf states hoping to move their economies and populations away from a dependence on oil and gas. | Taxation is considered an alternative source of income for Gulf states hoping to move their economies and populations away from a dependence on oil and gas. |
The council announced a target to introduce VAT over the next three years. Healthcare, education, social services and 94 food items will be excluded. | The council announced a target to introduce VAT over the next three years. Healthcare, education, social services and 94 food items will be excluded. |
To limit smuggling and competetiveness, the countries aim to introduce the tax at the same time. | To limit smuggling and competetiveness, the countries aim to introduce the tax at the same time. |
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