FINANCIAL NEWS

IMF looks for tax system service in GCC

20 Dec 2015

(MENAFN) The International Monetary Fund (IMF), discussed with the GCC’s finance ministers and central bank governors in Doha, the need to recover their strategies for reform of local taxation system.

Tax reforms can support modern and efficient tax systems, which will raise income collections from the non-oil economy, while also allowing the streamlining of the useless fees and duties.

Moreover, raising more from domestic taxes and counting on oil revenues will improve the GCC government’s liability to the population.

Additionally, the Fund recommended GCC countries could select a combination of modern tax choices to meet their income needs, which include: a tax on profits of combined and unincorporated enterprises.

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