GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share
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 : GoDubai Editorial Team
Viewed 2568 times
Posted on : Monday, April 22, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : US$3.4 billion UAE-China deal to accelerate economic growth, Blue Ocean Global says Blue Ocean Glob...
Next Story : Ravi Shastri appointed as RAKEZ Corporate Ambassador to the Indian business community
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Boss Bottled Oud Aromatic and Saffron: the New Enticing Fragrances
Michael Kors Co-hosts the 10th Anniversary of the Annual Filmmakers Dinner
Police Is the Official Eyewear in the Sony Pictures Film “Men in Blacktm: Intern...
V-Circle / Logomania Edition & Greca Edition
Longchamp & Kendall Jenner Celebrate the Launch of the Longchamp Lgp Collection ...
Eberhard & Co. pays extravagant tribute to Alfa Romeo with Quadrifoglio Verde ch...
Travel Essentials Guide
Salvatore Ferragamo Features Leather Sunglasses In the Spring/summer 2019 Adver...
Crazy Diamonds – Tradition With a Twist
Embrace the Spirit of the Holy Month of Ramadan at Yas Mall, The Mall at World T...
This Ramadan choose complete peace of mind with Al-Futtaim Toyota Pre-owned deals
Pure Gold Jewellers launches Arabic calligraphy diamond pendants for Eid
Marks & Spencer Unveils Its Chic Linen Summer Collection
Over 114,000 benefitting now from Malabar Gold & Diamonds CSR Initiatives with S...
A Contemporary Ode to Ancient Metallurgy
Supreme Armenian Patriarch Hails UAE as Global Model of Peaceful Coexistence
Etihad ESCO signs Contracts with Sharaf Electronics to retrofit 15,000 Light Fixtures
Dubai Customs organizes first of its kind Suhur gathering for government female ...
Western Furniture announces Best Buy sale during Ramadan
Dubai Customs receives WCO executive and showcases best communication practices
Mohammed bin Rashid Space Centre opens registration for 22nd IAA Humans in Spac...
Dubai Smart City Accelerator Invites Applications for Third Cohort
Celebrate Father's Day With TUMI
STARZPLAY: Top ten picks for Ramadan 2019
Celebrate the spirit of Ramadan and Eid at home with Robinsons
Pogacar Rides Uae Team Emirates' Wave of Success With Gc Win in California
Icon Art Production invests over AED 15 million in Film, TV & Broadcasting Equipment
Grandweld Shipyards launches tenth boat of KOC fleet
Dubai Investments supports UAE's Women of Determination through social program
Um Al Quwain Police and Pure Gold Jewellers unite prisoners with their families ...
Two MEFMA members recognized at Global FM Awards of Excellence 2019
Al-Futtaim Launches SINYAR, An Emirati Talent Development Programme Focused on G...
SLC launches ‘Tolerance-related Legislation' awareness initiative to position th...
'100,000 free Iftar Meals served by Danube Group every Ramadan'
Quran Tech by Dubai Culture inspires visitors at The Dubai Mall in a hi-tech way
Celebrate Eid Al-fitr With Limitless Beach Views at Le Meridien Al Aqah
Dubai Cares successfully wraps up its Ramadan volunteering initiative with the p...
EEG Environemtnal Drawing Competition 2019
National Geographic Abu Dhabi Announces Sharjah Reserves Documentary Series in p...
The All-new Flying Spur: the Luxury Grand Touring Sedan
Game Of Phones: 8 reasons why software should sit on the throne
"The Family's Happiness and Stability"
Dubai Culture gathers the community to support ‘Well of Hope'
W Motors Joins Partner Iconiq Motors at World Intelligence Congress in Tianjin, China
Dubai Municipality down Public Prosecution to retain NAS Wheelchair Basketball title
Aster DM Healthcare strengthens presence in Oman with the inauguration of 3rd Ho...
Saif Al Kaabi wins men's open race in NAS Cycling Challenge, 12-year-old Issa ba...
The American Community School of Abu Dhabi Awards the Haitham Zamzam Al Hammadi Medal
HP and Siemens Deepen Additive Manufacturing Alliance to Advance Digital Manufac...
Ministry of Community Development, Etihad Airways And Abu Dhabi Airports Provide...