Saudi Arabia has begun to explore extracting lithium from sea water
business1 hour ago
It is not the right time to increase taxes on consumption and introduce tax on sectors that will drive the recovery of GCC economies in the post-coronavirus era, a senior official of the International Monetary Fund (IMF) said.
Jihad Azour, the fund's chief economist for the Mena, said the tax system in the region can be improved by being more progressive and building some additional solidarity because income disparity in the region is still getting high. He also called to make the tax system more efficient.
"We still have a lot of special regime exemptions that erode the tax space allowed. It is an opportunity to address that. It is not wise at this stage to increase tax on consumption, especially in countries where the pick-up is slow because this will create additional regression and pressures. Therefore, it is important to look at the fiscal front reforms standpoint," Azour said during a recent webinar.
"It may not be the right time to tax or burden the sectors that could drive the recovery [of the economies]," Azour added.
This is the right opportunity to introduce additional fairness, efficiency and more use of technology to provide more services as well as be more transparent of how public money is being used, he stressed.
Azour pointed out that infrastructure is also going to be an important growth and recovery driver for the regional economies.
"Over the last decade, there is a decline in investment in infrastructure and foreign direct investment in smart technologies... allow technology to thrive and expand," he added.
- waheedabbas@khaleejtimes.com
Saudi Arabia has begun to explore extracting lithium from sea water
business1 hour ago
Speaking after meeting Lebanese leaders, French foreign minister says there had been "a lot of progress" over the French proposals
mena1 hour ago
The three-shot winner from Japan says he is aiming to become a member of the PGA Tour in the future
sports1 hour ago
Big-hitting Nienaber falters at the finish to settle for secondwhile former Abu Dhabi resident David Horsey takes the third spot at Saadiyat Beach Golf Club
sports2 hours ago
The UAE is India's second-largest export destination after the US
economy2 hours ago
Islamabad is seeking a larger long-term agreement with the fund after a current $3 billion standby arrangement expires this month
economy2 hours ago
Prior to halting operations, WCK had distributed more than 43 million meals in Gaza since October
world3 hours ago
Thomas Bach, IOC president, attributes the revival of interest in hosting the Olympics to reforms undertaken on his watch
sports3 hours ago