Tax has been in the limelight of late, in particular because of pressure on the government to diversify revenue sources in the light of low oil prices and the consequent, significant budgetary deficit. The government has been considering tax reforms for several months to generate more revenue. Fuel subsidies have been abolished and there are proposals to introduce value added tax (VAT) from 2018. Changes have also been suggested to the corporate income tax law to generate more revenue.
— Increased tax rates
— Widening the scope of withholding taxes
— Abolishing tax exemptions for certain sectors
— Specific tax provisions for Islamic finance transactions