February 20, 2019 Today’s Paper
  • Bahrain
  • Kuwait
  • Oman
  • Qatar
  • Saudi Arabia
  • UAE
  • Countries News:

GCC States tax citizens for the first time

Bahrain - December 15, 2015
GCC states tax

Six Gulf States announced taxing citizens for the first time. The members of the Gulf Cooperation Council, have agreed on introducing new taxation to cover the military campaign expenses amid the dropping oil prices.

Oil prices have dropped below 40 dollars this week to reach a new bottom. The current oil prices is considered the lowest since the international financial crisis which took place in 2008.

The six countries aim to issue the new tax at the same time in order to limit smuggling and competitiveness.

All GCC States, except Oman, have been running a military campaign in Yemen to reinstate the toppled Yemeni president Mansour Hadhi by a military coup led by Houthi militia men accompanied by sectors of the Yemeni army.

Also number of Gulf States are taking part in the military air campaigns striking ISIS bases scattered around Iraq and Syria.

Share this page

x
Join our and be

Keep up with the latest market trends, offers, news, view and how-tos through our newsletter.