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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 2nd place, the UAE in 4th, Saudi Arabia in 7th, Oman in 8th, Kuwait in 11th and Bahrain in 13th 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.