Author Topic: Director «IMF» urges Gulf states to impose taxe  (Read 188 times)

Offline beach7

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Director «IMF» urges Gulf states to impose taxe
« on: February 23, 2016, 09:15:49 AM »
 Director «IMF» urges Gulf states to impose taxes

Urged the director of «International Monetary Fund» Christine Lagarde Gulf states to impose taxes, warning in a statement in Abu Dhabi, said Monday that low oil prices are likely to remain «long». Lagarde said that «on the Gulf states to strengthen fiscal frameworks and re-engineering their tax systems by reducing its heavy reliance on oil revenues, and the promotion of non-oil sources of income».
She called Lagarde renewed mandate last Friday at the head of the IMF for an additional five years, the Gulf states to the value added tax credit, arguing that «the ideal solution would be a tax dependent on the value-added regionally coordinated at the level of the six-nation Gulf Cooperation Council». She stressed that he could even lower the value-added tax (less than ten percent) to «lead to GDP growth of more than two percent». She pointed out the need for a «greater focus on income taxes for companies, in addition to the tax on real estate and commodities». Lagarde explained that «the oil-exporting countries in the Middle East and North Africa, which relies heavily on revenues from oil, lost more than $ 340 billion in revenues», or nearly 20 percent of the GDP of their economies combined, due to the sharp decline in oil prices. She said that in addition to the «loss of oil prices nearly two-thirds of the standard modern levels», refers to the «factors affecting supply and demand that these prices will remain low for a long time probably». The price of oil has fallen sharply during the last period, from about a hundred a barrel mid-2014 dollars, to the limits of only thirty dollars at the moment. She said «Energy Agency for International» Today it is unlikely price increases from current levels by the year 2017, and that any recovery will be slow because of the abundant amount of oil on the market. The six countries rely GCC heavily on oil revenues. And forcing prices retreated to take austerity measures, including cutting subsidies on basic items such as fuel and electricity to cut spending, after registering record levels of deficit budgets. Gulf states do not impose taxes on individuals to remember, what kind of a magnet for millions of foreigners to come to them for the purpose of work and residence. Furthermore, considered «international rating agency» (Moody's) that «the drop in oil prices is putting pressure on the liquidity of Gulf banks, with the likelihood that the decline in oil revenues to reduce government or that government-related deposits, which may cause reduced government support for the banking system». The agency said that «the widening gap between low oil prices and high government spending policies could trigger negative complications on the ability of banks to credit». And he predicted that the banks «will be under additional pressure from the slowdown in the operations environment, and the low probability of Governments intention or ability to support».