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VAT . . . a Good Thing?
The tax-free environment in the GCC is set to change, VAT will help GCC economies experience diversified growth, says Mas Meghji
May 17, 2012 3:18 by kippreport
Countries will continue to face fiscal pressures to increase tax collections to fund social programs and subsidies. We will also see a move towards more complex tax laws and regulations to broaden the tax net and enforce compliance. These measures will create an increasingly challenging tax environment in many countries as the assessment process will become more involved with increasing level of scrutiny relating to cross-border transactions and related party transactions. These trends will continue in almost all Mena countries.”
The governments in the oil-rich Arab region have been forced to take populist measures to ward off the ripple effects of the Arab Spring and keep their populace content. Is the delay in implementing VAT something to do with the change in regimes? Most of the economics expert answered: affirmative.
- Mas Meghji
First published in Trends