The Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdulrahman bin Abdullah Al-Hamidy, revealed that the ratio of tax revenues to the gross domestic product of the Arab countries combined reached about 10 percent on average during the last decade, compared to about 15 percent globally.
Al-Hamidy stressed in an opening speech on the sidelines of the Fifth Regional Forum on Taxation in the Arab Countries, organized by the Arab Monetary Fund, in cooperation with the International Center for Taxation and Investment, under the title: "Tax Reform in the Arab Region… Opportunities and Challenges", looking forward to more sustainable financial conditions depends on the continuation of tax reform efforts, and the need to look at tax policy comprehensively to put the tax system within the framework of fiscal policy, and the goals and directions of economic development."
He stressed, "Tax reform provides opportunities to strengthen tax systems in the Arab region, and increase domestic revenues necessary to support inclusive and sustainable growth." Pointing out, "The need to focus on indirect tax reforms and address structural challenges to enhance their effectiveness in mobilizing revenues and supporting inclusive and sustainable growth." Pointing to "The importance of focusing on income taxes, especially corporate taxes, in terms of expanding the tax base, by focusing on removing ineffective tax incentives, and restricting tax exemptions, including those awarded during the Corona pandemic".
Source (Al Khaleej Newspaper, UAE, Edited)
