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KUWAIT CITY, June 14: Deputy Prime Minister and Minister of Finance, Anas Al-Saleh has urged the concerned bodies to expedite submission of the draft of the joint agreement on selective tax, which was signed by the Gulf Cooperation Council (GCC) member states on October 10 last year, to the Fatwa and Legislation Department affiliated to the Council of Ministers, reports Al-Rai daily quoting sources.
They explained that Ministry of Finance has completed the initial draft law. All the items are in line with the framework of the agreement that Kuwait had signed with the other GCC countries. It proposed slamming a 100 percent tax on tobacco products and its derivatives, and 50 percent tax on energy and carbonated drinks.
The sources revealed that Minister Al-Saleh wants the draft law to be referred to the Fatwa and Legislation Department within the next few weeks, which is the timeframe the minister require to study ideas and observations of the bodies concerned with the tax implementation.
These bodies are Ministry of Commerce and Industry, Ministry of Justice, Public Investment Authority and General Customs Department. Th e concerned agency in Saudi Arabia has officially launched implementation of selective tax on products that are harmful to human health and environment, and luxury items.