The refund scheme is available through 1,442 authorised retail outlets across Saudi and applies to non-resident tourists aged 18 and above
Oman successfully tapped the international debt market in January, raising $3.25bn
The UAE government levied a 5 per cent VAT on goods and services in January 2018
However, a new tax of 5 per cent – the Real Estate Transaction Tax – will be levied on property deals in place of the VAT
The government could still face a budget deficit of over 13 per cent of gross domestic product in 2020
A consensus seems to be developing that tax regimes need to adopt a global approach to confront challenges posed by technological advances