(MENAFN- Kuwait News Agency (KUNA)) Undersecretaries of the ministries of economy and finance of the Gulf Cooperation Council (GCC) states have agreed, in their 46th meeting in Doha, to formulate a general framework for the value added tax (VAT).
In statements to KUNA on the sidelines of the meeting, Undersecretary of Kuwait's Finance Ministry Khalifa Hamada said here on Monday that a team work of the unified tax system and a legal team are assigned to finish this framework to be submitted to the meeting of the GCC ministers of finance and economy due in Qatar next May.
He added that the meeting reviewed the outcome of the GCC Customs Union Commission meetings and all topics related to the GCC Customs Union, especially the mechanisms of customs duties collection.
He noted that the meeting called for finishing all requirements of the establishment of the Customs Union by the end of this year, especially the customs protection, the protection of the local agent and the unification of customs procedures.
The Kuwaiti official underlined the significance of having a real customs union and eliminating all customs barriers to facilitate movement of commodities among GCC countries and increase the trade exchange.
The meeting also focused on the outcome of committee of governors of central banks, he said, adding a number of recommendations will be also referred to the meeting of the GCC minister of economy and finance.
Criteria of a study on economic integration among GCC countries were also tackled in the gathering, he said, noting this study will draw up an economic road map of GCC member states.
He asserted that the GCC countries implemented the equality among civil servants in terms of salaries and insurance service, adding the Qatar's meeting will discuss any relevant obstacles.
Holding Gulf weeks on political, security and economic topics in all GCC
countries were on the meeting's agenda, he revealed, affirming Kuwait's readiness to take part in these events to present what has been achieved in the areas of the joint Gulf market, the Customs Union and other economic topics.
He emphasized that the Kuwaiti delegation is taking part in the meeting to support the joint GCC action.
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