The High Decree No. 1691 issued on 01/09/1438 approved the mandate of the Committee on Financial and Economic Cooperation Council (GCC) for the introduction of 5% VAT starting from the fiscal year 2018. The GCC countries have already agreed to implement selective taxes on tobacco, and soft and energy drinks during the current fiscal year 2017 The Royal Decrees No. M / 71 and No. M / 70 and No. M / 68 issued on 6 // 1437 H, the adoption of municipal and rural fees, and the introduction of traffic safety violations and financial equivalent of visas. L.Developing the Public Debt Management Unit (DMO) at the Ministry of Finance, which is commissioned to develop the national debt strategy to enhance the country's borrowing ability locally and internationally, as well as strengthening the local Sukuk and bond market. DMO is responsible for governing debt instruments, and different forms of loans locally and beyond, recommending legal frameworks, managing risks associated with public debt management, and developing a public debt strategy in the medium and long term. DMO began coordinating with the Capital Market Authority, (Tadawul) and the Saudi Arabian Monetary Agency to introduce sovereign debt instruments on Tadawul. In addition to what has been borrowed locally through the issuance of bonds, local Murabaha which reached a total of SAR97 billion, USD 10 billion (SAR37.5 billion) has been borrowed through an international syndicated loan from global investment institutions. But the most significant achievement of the office in the current fiscal year 1437 / 1438 AH (2016 AD) has been the completion of the first issuance of international bonds denominated in US dollars in the global markets with USD17.5 billion (SAR65.6 billion). This issuance was the largest USD denominated sovereign bond in emerging markets. --More 19:44 LOCAL TIME 16:44 GMT www.spa.gov.sa/w296794