Thursday 24, November 2016 by Matthew Amlôt

ICAEW: GCC businesses should brace for government action to raise revenue

GCC countries must substantially raise non-oil government revenues, according to a new ICAEW report. The accountancy and finance body says that given the weak outlook for oil prices – mainly driven by the uncertainty for the world economy in 2017 with US President-elect Trump as well as the economic slowdown in China –imposing tax measures, along with subsidy reforms, spending cuts, and a freeze on public sector recruitment and pay, will help to close the fiscal gap.

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