Daily Traders Edge

IMF chief urges Gulf states to bring in taxes

February 22
13:15 2016

The International Monetary Fund chief urged on Monday oil-exporting Gulf countries to introduce taxes, warning that low crude prices are likely to stay for an "extended period". Gulf economies "need to strengthen their fiscal frameworks and reengineer their tax systems by reducing their heavy reliance on oil revenues and by boosting non-hydrocarbon sources of revenues," Christine Lagarde told a forum in Abu Dhabi. Lagarde also called for a "greater emphasis" on corporate income taxes, as well as property and excise taxes.

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