A historic opportunity for Gulf states to reset public finances | GulfNews.com:
"Next year will go down in history for making taxation on consumption an everyday fact of life in the Gulf countries ... or at least in most member states. Also, higher fees on governmental services are on the way. And more state subsidies are likely to be phased out.
Clearly, the days when GCC economies were regarded as tax-free havens and for offering subsidised goods are largely over. Increasingly, the Gulf would adopt the notion of pay your way, and those wanting state services must show a willingness to pay normal — not low or special — rates.
If any, the decline in oil prices on the back of strong supply in non-Opec countries, notably that of US shale oil, required a revisit of public finances throughout the GCC, including countries with substantial financial reserves. Entities like the IMF have long argued the need for more diversified sources of revenues to bolster state budgets on a sustainable basis."
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