Oliver Cornock: ALL BLOG POSTS
While recently introduced, a new value-added tax (VAT) – previously a relatively contentious issue – has raised hopes in terms of public revenue generation and transparency.
The introduction of a flat 5% value-added tax on January 1, 2018 is part of ongoing efforts to boost government revenue and increase the overall transparency of the market. Although still in its early days, the move comes against a backdrop of positive sentiment among business leaders, as shown in the second iteration of Oxford Business Group’s Business Barometer: UAE CEO Survey. Of the nearly 150 executives surveyed, more than three-quarters had positive or very positive expectations of local business conditions, while 90% said the level of transparency for conducting business was high or very high relative to the broader region.
One of the first Gulf countries to fully embrace the need to diversify its economy, Bahrain continues to benefit from the relative strength and independence of its private sector. Despite a moderate growth outlook and concerns over regional political volatility, business sentiment from C-Suite executives surveyed in Oxford Business Group’s Business Barometer: Bahrain CEO Survey remains positive. Some 63% said they were likely or very likely to make a significant capital investment, with the country’s high level of transparency and strong business environment seen as key to continuing to attract foreign and domestic investment.