The Gulf’s smallest economy is seeking ways to cut spending and bring its budget back into balance by 2024.
In 2018, Saudi Arabia and the UAE introduced a 5 per cent VAT. Last year, Saudi tripled its VAT to 15 per cent. In November 2020, Saeed Rashid Al-Yateem, assistant undersecretary for Resources and Budget Affairs, reasserted the stance of the UAE to maintain its VAT of 5 per cent for the moment.
In April this year, Oman introduced a 5 per cent VAT on goods and services.
Kuwait and Qatar, the other two GCC state, have yet to implement the tax.