Rethinking GCC’s Proposed Tax on Remittance Outflows
The GCC countries are facing falling oil and gas prices that have continued to generate significant budget deficits. While the Gulf region has been working toward long-term plans of diversifying their oil/and or gas economies, the current economic environment calls for immediate state intervention to control imbalances between government expenditures and revenues. Taxing remittance outflows is certainly one of the several suggested strategies to inject some of the money flows back into the local GCC economies. Whether the GCC countries would actually impose tax on remittances is yet to be seen.
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