3 June 2015
The GCC is understood to be close to an announcement on a draft framework for the introduction of VAT in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
In a similar fashion to VAT in the EU the GCC member states will operate within agreed guidelines to avoid double or non-taxation etc., but will also be free to implement their own detailed rules in national legislation.
The introduction of VAT has been discussed for many years, and it seems the falling revenue from low oil prices has finally made the move more urgent.
However, the framework has yet to be published and we have no information on the timetable nor on rates, much less whether insurance premiums might qualify for exemption.