Gulf oil dilemma drives tax reforms to shore up deficits | The National

Gulf oil dilemma drives tax reforms to shore up deficits | The National:

"The oil price slide is driving tax reforms across the region as Arabian Gulf economies seek to shore up a potential US$700 billion deficit.

All six Arabian Gulf states are planning to introduce Value Added Tax (VAT) collectively. Various other tax reforms are also underway.

The IMF warned in October that Gulf states would have a combined fiscal deficit between 2015 and 2019 exceeding $700bn if they did not undertake reforms."



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