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
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