Business Outlook: GCC to Introduce VAT

VAT 101: The value added tax simplified BY Rakesh Pardasani News that the UAE and its Arab gulf counterparts will introduce a value added tax (VAT) by the year 2018 has generated heightened discussions on the topic. While some were skeptic that the move will ever see light, many companies across the Arab Gulf region

[ Read More ]

Saudi Plans Spending Cuts, Reforms to Shrink Budget Deficit

By Angus McDowall and Andrew Torchia RIYADH/DUBAI, Dec 29 – Saudi Arabia, its finances hit by low oil prices, announced plans to shrink a record state budget deficit with spending cuts, reforms to energy subsidies and a drive to raise revenues from taxes and privatization. The 2016 budget, released by the Finance Ministry on Monday,

[ Read More ]