November 10 2015
The Finance Ministers of the Gulf Cooperation Council (GCC) countries have approved the introduction of a 100% tax on tobacco and related products equal to the customs duties on these products, Kuwait's Finance Minister Anas Al-Saleh has announced.
The Ministers also approved a draft consumer protection law and referred it for further consideration.
The GCC Finance Undersecretaries have also been assigned with preparing a study on a proposal to impose a GCC-wide VAT.
The Finance Ministers also discussed recommendations to exempt raw materials of GCC-made products from custom duties and to establish a judicial body to deal with the economic disputes across the GCC.
