Gulf Cooperation Council (GCC) officials have adopted a value-added tax (VAT) draft agreement, Kuwaiti Minister of Finance said here on Saturday. Each GCC member state will endorse the agreement in accordance with it own regulations, Minister Anas Al-Saleh told KUNA on the sidelines of the 100th meeting of the GCC Financial and Economic Cooperation Committee (FECC). The agreement is to be put into effect once the document of the endorsement is deposited at the GCC Secretariat.
He noted that the agreement includes that each GCC country should issue its own local law of the VAT provided that common principles of the agreement are involved. The GCC Financial and Economic Cooperation Committee agreed on a Kuwaiti proposal to reactivate and develop the committee's statute and jurisdiction, he said.
The conferees agreed to ask the International Monetary Fund (IMF) to prepare studies on the effects of lower oil prices on the GCC member states, especially on financial stability, energy price and tax policies, he made clear. As for establishing a new GCC economic judicial body, the minister pointed out that ministers of justice are discussing a relevant suggestion ahead of the forthcoming meeting of Financial and Economic Cooperation Committee.
The meeting of the committee reviewed an item related to economic resolutions by the GCC Supreme Council and to what extent the member states are committed to implementing these resolutions, he said, referring that Kuwait is committed to executing them. The meeting also discussed recommendations by technical committees of the Financial and Economic Cooperation Committee, like GCC Joint Market Committee, GCC Customs Union Committee and the committee of central bank governors, he noted.
The meeting's agenda had a number of topics like the report of the 61st meeting for GCC committee of central banks and monetary institutions governors, and the report of the 10th meeting of the GCC Customs Union Committee.