GCC to double taxes on tobacco, soft drinks and alcoholic beverages
The Gulf Cooperation Council (GCC) has agreed to double the suggested taxes on tobacco products to 200% from 100% and is looking to double taxes on soft drinks to 100% and on alcoholic beverages to reach 200%. According to the Ministry of Finance, the UAE can only start implementing the new taxes when a law is issued, even if other GCC countries have already started implementing the new tax system. (Argaam)
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