At the base of the Arabian Peninsula, occupying a landmass slightly larger than Italy, Oman is the largest country in the GCC after Saudi Arabia. In recent years, the non-OPEC oil exporter’s economy has been undergoing a steady transformation, reorienting from oil toward a more diverse set of service and industry-based economic activities. So far, progress has been promising. In 2011 oil and gas accounted for 38.8% GDP.
On September 28 2012 Najib Abdul Razak, the prime minister and minister of finance, released the 2013 budget, titled “Prospering the Nation, Enhancing Well-Being of the Rakyat: A Promise Fulfilled”. The 2013 budget aims to reduce the nation’s fiscal deficit from 4.5% of GDP in 2012 to 4% in 2013. With the projection of a positive economic outlook,...
The Inland Revenue Board (IRB) collected a record RM109.7bn ($35.4bn) in direct taxes in 2011. Under its Corporate Plan 2012-15, launched in July 2012, the IRB is targeting an annual tax revenue growth of 15%. The IRB is working towards identifying newer opportunities in expanding the tax base and areas of tax revenue which were not fully explored...
Malaysia is a multi-ethnic society of 29m split between the Malay Peninsula and the island of Borneo. With a per-capita GDP that has hovered around $10,000 for the past decade, the country is struggling to escape a “middle-income trap”
Among the laws and regulations that have an impact on investment, tax laws and amendments introduced through finance acts are the easiest way to implement policies and meet goals that have been set by the government. By making adjustments to tax policies, these measures can be effective relatively quickly. This is why an ongoing re-structuring...
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