GCC states look to new taxes as oil revenues remain weak

GCC states look to new taxes as oil revenues remain weak

article author: Arab NewsSun, 2019-11-03 12:50

DUBAI: Gulf residents and companies should brace themselves for new direct and indirect taxes that could be imposed to countervail the continued weakness in oil prices, experts say.

The Gulf Cooperation Council (GCC) region, which historically has been dependent on oil revenues to power their economies, has been weighed by depressed crude prices because of a global economic slowdown.

The rationale for the possible imposition of new taxes, according to tax experts, was to give Gulf states new revenue streams to fund their budgets.Main category: Business & EconomyTags: TaxesVAT