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FinancialNews
16-01-18
Saudi Arabia, UAE to benefit from VAT after political climate
(MENAFN) BMI Research released a recent report expecting value-added tax (VAT) introduction to bring out economical profits within the UAE and Saudi Arabia, whereas other parts of the GCC are to suffer from narrow tax benefit due to the current political climate.
The implementation of VAT is "a positive step, allowing the hydrocarbon-dependent economies to further diversify revenues with relatively limited negative economic fall-out," as stated in the report.
However, the research pointed out the benefits to differ in the UAE and Saudi Arabia even though VAT is implemented in both countries.
The report said "VAT will be a bigger boost for government revenues in the UAE, given its larger consumer base and importance of retail spending for the economy, especially from overseas visitors. Moreover, with Abu Dhabi and Dubai attracted wealthy visitors, we believe that consumers will be able to absorb higher costs."
MENAFN1601201800450000ID1096355318
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