• May 21, 2024

GCC finance ministers approve tax on tobacco

Finance ministers of the Gulf Cooperation Council (GCC) states approved imposing a 100 percent selective tax on tobacco and related products equal to customs duties of these products, according to the Bahrain News Agency.

The decision was taken upon a recommendation from the third meeting of representatives of the GCC customs union and a team of the GCC unified tax system to study imposition of selective taxes on tobacco and its related products as well as its value and levying means, Kuwait’s Finance Minister and Deputy Prime Minister Anas Al-Saleh told Kuwait News Agency.

GCC ministers also approved a draft law on protection of consumers in Gulf states and referred to the upcoming GCC summit for deliberations and final approval. According to the Bahrain News Agency, the ministers tackled different aspects of financial and economic cooperation among Gulf countries, mainly those related to the GCC monetary council, customs union, common market, railway network and the higher education quality assurance network.