Tax

Planned GCC remittance tax could cost members economies in the long run

Though the idea is enticing and could – assuming a flat-rate remittance tax of 10 per cent – add US$10 billion to the non-oil income of the GCC region on an aggregate basis, the introduction of such as tax has more downsides, in my opinion. Transfer of money by foreign workers to their home countries represents a significant financial outflow from GCC countries. The World Bank estimates that more than $100bn left the GCC last year in the form of...