Save time by listening to our audio articles as you multitaskThe one tax that has not soared is the one on his most valuable investment, a rental property he bought in 2016. He says it has appreciated by $100,000 or so, a 25% increase. But his annual property-tax bill has remained almost flat, at less than 1% of the apartment’s value.estimated they raised the equivalent of 13% of non-oil, compared with 17% in other emerging markets.
Arab states are going the opposite way . Egypt collected 46% of tax revenue from goods and services in the fiscal year 2020-21, up from 40% six years before. Indirect taxes are more than half the take in Tunisia, and three-quarters of it in Jordan, where they add up to 12-13% ofThe appeal is simple. Value-added taxes raise a lot of cash without distorting economies much .
Many rich and middle-class Arabs prefer buying property to shares, seeing it as safer and more lucrative. Yet governments collect little property tax. Jordan’s finance ministry estimates that it brought in just 115m dinars from property last year, just 1% of tax revenue. Oil-exporting Gulf states do not levy income tax, fearing it would upset citizens and make their countries less attractive to migrants. Corporate-tax rates are low, ranging from zero to 15%. Instead they, too, lean on consumption taxes. Saudi Arabia introduced a 5%in 2018, then tripled it in 2020 . It will account for 79% of tax revenue this year. Poorer Saudis will be hit hardest. Rich ones tend to do their big-ticket spending outside the kingdom.
🇦🇺🍃🐨They have always been false progressives but were fawned over by Western elite because of wealth. It is ALWAYS about the money. Everything. Humanity, decency, morality, empathy and integrity are all fragile when money is the main focus. We see it daily now, inc in war.👎🏻👎🏻
😍😍😍🤩🤩🤩🤩🤩😍😍😍😍
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