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VAT to enhance GCC government revenue

16 Jun 2017

(MENAFN) The introduction of VAT amid the GCC in the coming year is projected to enhance government profits, but the tax burden in the short run is seen making a surge in the headline inflation rate.

Additionally, the impact of VAT on inflation and government revenue will differ depending on the proportion of consumption in the economy.

Accordingly, the GCC nations will raise between 1.2 to 1.6 percent of GDP in the first year after the introduction of VAT, with the UAE and KSA will see the greatest revenue generation of almost 1.5 to 1.6 percent.

Furthermore, VAT is highly effective at mobilizing and diversifying government revenue, while it is vital for the GCC nations to grow their non-oil and tax revenue.

MENAFN1606201700450000ID1095562639

MENAFN1606201700450000ID1095562639

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