Middle East states considering VAT by 2015

Many Middle East states are so well funded by the region's oil industry that they haven't had to impose sales taxes. That may be about to change. The Union of Arab Banks says the Gulf states are planning to implement value added tax by 2015. Meanwhile, another report by the World Bank Group and PricewaterhouseCoopers says the Gulf States are also studying lower corporate tax rates to attract more foreign direct investments. - ANC News Now, April 5, 2013