KUWAIT: The Assembly agreed to refer a draft law on value-added tax (VAT) to the financial and economic affairs committee from the legal committee to study the contents of the law, which is part of the GCC agreement.

The VAT law stipulates imposing a five percent tax on almost all products to raise non-oil revenues. Saudi Arabia and UAE are planning to start imposing the tax in January, while Kuwait must get the approval of the Assembly before imposing it.

By B Izzak