Oman Majlis panel reviews draft GCC tax pacts

Muscat: Draft agreements for the standard GCC value added tax and excise tax were reviewed by a Majlis Al Shura panel on Tuesday.
Majlis Al Shura’s Economic and Financial Committee on Tuesday held its 23rd meeting of the second annual sitting (2016/2017) of the 8th term (2015/2019) under the chair of Dr. Saleh bin Said Mussan, Head of the Committee.
During the meeting, the committee reviewed the two draft agreements for the standard GCC added value tax and excise tax.
The Committee also reviewed a working paper on the value added tax.
The working paper covered the concept of value added, the reasons for introducing value added tax by a number of countries in the world and the pros and cons of this tax.