05:18, 2008-Jun-4
RIYADH: The GCC is planning to introduce up to 100 per cent
tax on luxury goods likely to include cigarettes.
Abdulaziz Al Uwaisheg, the GCC's head of studies and
integration, said the council had commissioned a team to list items that could
be liable to the new tax from 2012, including private planes, luxury cars,
yachts and "harmful items" - a likely reference to cigarettes.
Uwaisheg, a Saudi based in Riyadh, said the GCC team looking
into the proposed taxes would next meet in October.
The GCC has already set 2012 as the deadline for implementing
a new value added tax.
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