Dr. Abdul Rahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, revealed that the proportion of tax revenues to the gross domestic product of the Arab countries combined amounted to about 10% on average during the last decade, compared to about 15% in the world.
In an opening speech on the sidelines of the Fifth Regional Forum on Taxes in the Arab Countries, which is organized by the Arab Monetary Fund, in cooperation with the International Center for Taxation and Investment, Al-Hamidi stressed that the aspiration for more sustainable financial conditions depends on continuing Tax reform efforts, and the need to consider tax policy comprehensively to put the tax system within the framework of fiscal policy, and the goals and directions of economic development.
He said, “Tax reform provides opportunities to strengthen tax systems in the Arab region, and increase the domestic revenues necessary to support inclusive and sustainable growth.”
He pointed out the need to focus on income taxes, especially corporate taxes, in terms of expanding the scope of the tax base, by focusing on removing ineffective tax incentives, and restricting tax exemptions, including those granted during the Covid-19 pandemic.
Al-Hamidi stressed the keenness of the Arab Monetary Fund to organize the regional tax forum annually as a forum for exchanging views and experiences on contemporary tax issues, recognizing its importance to Arab countries, pointing to the importance of discussions and opinions that will be addressed in the forum to benefit from it in enhancing the Arab Monetary Fund’s awareness of the needs and priorities of tax reforms in countries. Arabic. (wam)
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