Gulf ministers to finalise VAT deal

Gulf finance ministers expect to finalise Thursday a deal on value added tax and have also approved excise levies, Saudi Arabia's minister said after regional talks with the International Monetary Fund. The taxes are a response by crude-exporting Gulf nations to a plunge in oil prices.

In June, the Gulf Cooperation Council's (GCC) six members agreed on the VAT, a five-percent levy on certain goods to take effect in 2018.

"Hopefully tomorrow we'll put the final touches on that issue in our meeting as finance ministers," Saudi Finance Minister Ibrahim al-Assaf told reporters.

"We also approved excise taxes. So we have already taken important steps in that direction" of taxation, he said.