VAT or value-added tax is a tax levied on the consumption of services and goods. Currently, it has been set at 5 percent in all the GCC countries and is seen to be the lowest levy across the globe. There are countries that charge a VAT that is as high as 20 percent.
The tax gets levied across all stages present in the supply chain. This means that each business present at each point of the chain will get taxed – from the manufacturer, wholesaler, to the retailer. But there are