| Tax-free Gulf States will eventually be a thing of the past, according to the head of the Union of Arab Banks. Gulf States are said to be considering plans for a value added tax (VAT) by 2015 while also lowering corporate tax rates to increase foreign direct investment, according to the Paying Taxes 2013 report conducted by the World Bank, IFC and PricewaterhouseCoopers.
Adnan Youssif, who is chairman of the union, said that any tax should not be considered a "negative act." Youssif also expects a good year for Arab banks, estimating that net profits will grow at 15% in 2013. He noted, however "the growth will not be equal in all countries."..............................................Full Article: Source
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