Fiscal Reforms in the Middle East
Although oil windfalls have opened a window of opportunity for the Gulf States, at the same time they have created numerous problems. In particular, the uncertainty associated with periods of boom and bust in the oil market has made the formulation and implementation of sound fiscal policies a formidable task. In this study, the distinguished authors present the background to current fiscal reforms and address the critical challenges facing the Gulf States including the choice between consumption and saving or current needs and future requirements ; intra-generational equity issues; the pro-cyclicality of fiscal policy; fiscal sustainability and the prudent management of revenues from finite oil reserves.
They examine the case for VAT to substantially replace customs duties, a significant source of non-oil revenue which would be lost as a result of free trade agreements between the GCC and key trading partners.
GCC fiscal reforms seen driving turnaround | Business – Gulf News
They also demonstrate how an agreed design for VAT would assist in furthering economic integration, and enhance trade and exports. Share your thoughts with other customers.
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This insightful book focuses on the role of fiscal policy in common markets, especially in the context of the supranational constructs in the Gulf Cooperation Council, comprising Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates and Oman. This event is free and open to all with no ticket required.
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