The GCC region is at the elementary stage of tax education and the governments will have to look at other sources of funds
(Reuters file)
A mix of new direct and indirect taxes will be levied in the UAE and GCC in the near to medium term because oil prices are expected to remain low, necessitating the creation new sources of revenues to fund budgets, say tax experts.
They said new taxes could be levied on wealth and property, as well as corporates, while income tax will also surely come but it will be introduced at the far end in the UAE and GCC. More importantly, new taxes will come in phases rather than being implemented in one go.
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