With the low oil price continuing to bite, experts predict that Bahrain’s cost-cutting drive is far from over. With further cutbacks expected and even talk of new taxes, the current crisis could herald a new era of austerity in the GCC,
Turkey has hiked taxes on tobacco and alcohol for the new year, while its energy market regulator has also increased electricity prices as of Jan. 1 to fund investment and production.
Taxes on alcoholic beverages including beer, g
GCC needs to bring in taxes and do away with subsidies by 2020 to ensure fiscal sustainability, a leading thinker has warned. Iraq Energy Institute founder and director Luay Al Khatteb said the GCC countries can no longer rely solely on oil re
The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid US taxes and would collectively owe an estimated $620 billion in US taxes if they repatriated the funds, according to a study released on Tu
Mena governments are considering new tax measures to broaden their revenue base and increase tax yields in a bid to preserve economic stability and continue with development plans, according to experts at a recent summit in London.
Importers in Bahrain have been accused of trying to misuse the kingdom's Free Trade Agreement (FTA) with the US to avoid paying taxes, a report said.
Bahrain's Sea Ports Customs Affairs directorate recorded 100 trade viola
The elderly in Bahrain will enjoy a massive 50 per cent reduction of fees on a wide range of services including construction, property deeds and municipal taxes on renting houses and flats, a report said.
The elderly will be suppl
The Jordanian cabinet approved an austerity package that includes plans to raise taxes on banks and mining firms but avoids controversial fuel and electricity price rises to hold down the rise in the budget deficit, officials said on Sunday.
Gadget giant Apple is avoiding billions of dollars in taxes by setting up small offices around the world to collect and invest the company's profits, The New York Times reported yesterday.
The report said an office in Reno, Nevada, whe
Saudi Arabia imported 57,838 tonnes of tobacco in 2011 valued at SR3.3 billion ($880 million), marking a rise of 57 per cent over the figure for 2009, which reached SR2.104 billion, said a report.
The import volume was considered to be ver