Gulf Cooperation Council (GCC) is one the famous region for Oil and Gas Industry across the world as well as it holds major crude oil reserves. It is one of the largest exporters and producers of crude petroleum services. An oil and gas industry plays an important role in the GCC accounting for a large chunk of the government revenues. Due to Implementation of VAT in GCC from 1st July 2018, how it affect an oil and gas sector.
According to the framework agreement signed by the six countries of GCC, Some or all parts of the supply chain in Oil and Gas Industry in GCC will be zero- rated supplies for VAT purposes notably in relation to exploration and production activities. Read More