Dubai PR Network, Online Press Release from Dubai and Middle East
 
Economy & Statistics(Banking & Investments)
Filter PR by
  
Taxation integral part of GCC countries future national transformation
 
New Oliver Wyman report outlines how GCC countries could drive 80% of targeted non-oil revenue streams by adopting global taxation strategies and leveraging digitalisation to boost public administration 
 
Dubai, United Arab Emirates, 22 April 2019 -   The latest report by the strategy consultancy firm, Oliver Wyman, “Taxation for the Future of the GCC,” outlines how structural changes to fiscal policy could be an opportunity for governments to fuel future national transformation and drive economic stability through non-oil dependent taxation revenues. 
 
Government debt is on the rise and budget deficits remain elevated – as much as $2 trillion may be required to balance the budgets of the six GCC countries by 2030. Historically the GCC states have relied on oil revenues to balance their budgets and while reserves are substantial, prices remain pressured by the global rise of alternative energy and electric vehicles. 
 
Oliver Wyman’s report outlines the opportunity for potential non-oil revenues to be driven by taxation, one of a number of immediate reforms that could promote sustainable economic growth in line with and above global best practices. 
 
“The GCC states are at an economic crossroads with significant efforts already in place to diversify revenue streams and maintain economic stability. There is huge potential for tax-related initiatives to provide a strong platform for supporting these initiatives and a once in a generation opportunity to transform public administration in the GCC,” said Ibrahim Ghoul, Partner at Oliver Wyman. 
 
According to the report GCC governments could achieve 80 percent of targeted non-oil revenues with just four taxes. A range of new technologies also present a timely opportunity for governments to rejuvenate administration systems and leapfrog other worldwide legacy systems which are often a barrier to policy change. 
 
“The future of taxation will heavily depend on governments showcasing its value to citizens and businesses; it should be presented as a partnership.  Transitioning from the current situation is a significant task requiring commitment from numerous stakeholders, the participation of the private sector, digitizing the taxpayer interface, and working closely with public-sector institutions and communities,” he added. 
 
Taking global best practices into account Oliver Wyman has compiled four core stakeholder recommendations within the report including: 
  • Taxpayers, a digitized experience: Using technology to drive closer involvement from the private sector and improve ease of doing business.
  • Tax Agencies, data-driven administration: Build an organisation for data-driven decision-making, analytics, and automation.
  • Government Entities, creation of a seamless public service experience: Revolutionize public service delivery to create seamless citizen experience and a balanced economic effect.
  • The Public, cultivating public accountability: Use public accountability and transparent reporting to build a voluntary compliance culture.


Posted by : Dubai PR Network Editorial Team
Viewed 2556 times
PR Category : Banking & Investments
Posted on : Monday, April 22, 2019  1:46:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : US$3.4 billion UAE-China deal to accelerate economic growth,...
Next Story : Ravi Shastri appointed as RAKEZ Corporate Ambassador to the ...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Boss Bottled Oud Aromatic and Saffron: the New Enticing Fragrances [8204-Views]
Michael Kors Co-hosts the 10th Anniversary of the Annual Filmmakers Dinner [7350-Views]
Police Is the Official Eyewear in the Sony Pictures Film “Men in Blacktm: International” [6759-Views]
V-Circle / Logomania Edition & Greca Edition [6387-Views]
Longchamp & Kendall Jenner Celebrate the Launch of the Longchamp Lgp Collection at the Gal... [5948-Views]
Eberhard & Co. pays extravagant tribute to Alfa Romeo with Quadrifoglio Verde chronograph [5819-Views]
Travel Essentials Guide [5606-Views]
Salvatore Ferragamo Features Leather Sunglasses In the Spring/summer 2019 Advertising Cam... [4709-Views]
Crazy Diamonds – Tradition With a Twist [4551-Views]
Embrace the Spirit of the Holy Month of Ramadan at Yas Mall, The Mall at World Trade Cente... [4240-Views]
This Ramadan choose complete peace of mind with Al-Futtaim Toyota Pre-owned deals [4105-Views]
Pure Gold Jewellers launches Arabic calligraphy diamond pendants for Eid [3910-Views]
Marks & Spencer Unveils Its Chic Linen Summer Collection [3874-Views]
Over 114,000 benefitting now from Malabar Gold & Diamonds CSR Initiatives with Sajaa Iftar... [3831-Views]
A Contemporary Ode to Ancient Metallurgy [3623-Views]
Supreme Armenian Patriarch Hails UAE as Global Model of Peaceful Coexistence [3544-Views]
Etihad ESCO signs Contracts with Sharaf Electronics to retrofit 15,000 Light Fixtures [3514-Views]
Dubai Customs organizes first of its kind Suhur gathering for government female employees [3453-Views]
Western Furniture announces Best Buy sale during Ramadan [3416-Views]
Dubai Customs receives WCO executive and showcases best communication practices [3355-Views]
Mohammed bin Rashid Space Centre opens registration for 22nd IAA Humans in Space Symposiu... [3331-Views]
Dubai Smart City Accelerator Invites Applications for Third Cohort [3306-Views]
Celebrate Father's Day With TUMI [3288-Views]
STARZPLAY: Top ten picks for Ramadan 2019 [3288-Views]
Celebrate the spirit of Ramadan and Eid at home with Robinsons [3282-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories