The GCC member countries agreed to implement the Value Added Tax (VAT) system across all the GCC member states with the help of the International Monetary Fund (IMF), they also agreed to implement New Zealand VAT system with the VAT rate of 3 to 5% being proposed. Value added tax is a vital source of revenue for nations all over the world. Apart from its significant impacts on the GDP, it is one of the most widely accepted means of indirect taxation. VAT can help the GCC countries reduce their dependency on earning revenue from oil and gas and diversify its revenues introduction of VAT constitute an important policy reform aiming to help GCC governments to achieve medium to long term social and economic policy goals. In view of the above prepare a short report describing the following: Implementation of VAT in GCC- How and Why? (4 Marks) Registration and Deregistration Limits in UAE and Saudi Arabia (3 Marks) Impact of VAT on economy and people of the country. (3 Marks) The report should consist of the following parts: Introduction Discussion Conclusion