GCC nations lead world with tax regimes

GCC nations lead world with tax regimes

Gulf States have some of the lowest tax rates and easy of tax payment in the world…

December 16, 2009 4:33 by kippreport

Gulf States have some of the lowest tax rates and the easiest tax payment system in the world, according to a report published on Wednesday.

The Paying Taxes 2010 report, by PricewaterhouseCoopers (PwC), the World Bank and the International Finance Corporation (IFC), ranked Qatar in 2^nd place, the UAE in 4^th, Saudi Arabia in 7^th, Oman in 8^th, Kuwait in 11^th and Bahrain in 13^th out of 183 nations.

“It is encouraging to see the Middle East region achieve these results, and clearly highlights the attractive tax regimes that are currently in place in many jurisdictions in the region,” said Dean Rolfe, PwC’s Middle East tax leader.

“These results help explain why places like Dubai have become such popular locations for international organizations doing business in the Middle East.”

“That said, while current tax rates are generally low, there is the risk that new taxes will be introduced in the future which could impact current rankings,” he added.

The Maldives topped The Paying Taxes 2010 report, while Belarus had the lowest ranking.