Kuwait has sought help from the International Monetary Fund (IMF) to introduce corporate taxes in a bid to diversify revenue in the face of falling oil prices. Kuwait currently imposes no taxes on local companies, Kuwaiti citizens, and expatriates but it requires foreign firms to pay 15 percent tax on their profits. The IMF has in the past advised Kuwait to subject local companies to corporate tax as part of a series of measures aimed at boosting non-oil revenues and cutting spending.
[Reuters, The Jordan Times, 3/17/2015]
Saudi oil exports fetch SR 87 billion in 2 months
According to local media, Saudi Arabia exported nearly 466.6 million barrels of crude oil in the last two months of the current year with proceeds amounting to SR 87.5 billion ($23.3 billion). Domestic consumption during the same period reached nearly 150 million barrels, or 20 percent of the total output. [Arab News, 3/17/2015]
Qatar seeks regulatory norms for Islamic finance
Qatar has called for a global regulatory framework for the industry, saying it is needed to ensure the sector’s stability. According to the Governor of Qatar’s Central Bank, an important task of the authority would, naturally, be to collect data on credit risks of Islamic financial institutions so that those risks could be identified. The governor also warned that Islamic financial institutions may face problems in attracting liquidity due to a lack of product diversification in the field. [The Peninsula, 3/17/2015]
Morocco improves its trade balance
Latest figures from the Exchange Office revealed that Morocco’s trade deficit narrowed to 20.51 billion dirhams by the end of February against 32.64 billion dirhams a year earlier. Imports decreased by 15.2 percent mainly due to the falling oil prices which also led to a decline in the country’s imports of energy. The import-export ratio has reached 61.7 percent against 48.3 percent by the end of February, the Office said. The change is also due to the 8.2 percent increase in exports. [Morocco World News, Reuters, 3/17/2015]
Also of interest:
EBRD supports intra-regional trade in Arab countries | World Grain
Remittances of Moroccans living abroad reach MAD 9.4 billion | Morocco World News
Tensions flare over tanker seeking Libyan crude | WSJ
Tunisia energy investment down 5.6 percent compared to 2014 | African Manager
Egypt set to start work on new capital city in as little as fifty days | Ahram Online
Egypt’s stocks dip after rising ahead of economic conference | Ahram Online