Low oil prices push GCC to consider VAT | GulfNews.com:
"The proposal by the Ministry of Finance to introduce Value Added Tax (VAT) stemmed from the fact that revenue from crude oil and other hydrocarbon products had gone down because of low oil prices, an analyst told Gulf News.
Sanyalaksna Manibandhu, Head of Research, NBAD Securities, said the decision was expected and the next step would be potentially corporate tax and income tax.
“The revenue from crude oil and other hydrocarbon products had gone down because of the declining oil prices. Depending on how VAT and corporate tax is introduced that would obviously increase the revenue and reduce the fiscal deficit.”"
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