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THE ARAB MONETARY FUND ISSUES A STUDY ON TAXES ON THE DIGITAL ECONOMY IN THE ARAB COUNTRIES DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

THE ARAB MONETARY FUND ISSUES A STUDY ON TAXES ON THE DIGITAL ECONOMY IN THE ARAB COUNTRIES

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Post by claud39 Mon Apr 26, 2021 4:39 pm

Just explain to you the importance with the Arab monetary fund, look at what is happening in Iraq with the digital system, and it is the same in other Arab countries, there are some who are ahead of Iraq , but iraq is doing everything to join the demands of the arab monetary fund by being members, and also the international monetary fund !! For me everything is going very well, late but they will update with the international on the digital system, and banking, this will reduce fraud !!
I specify it is simply my opinion !!

Claud (Moose)







THE ARAB MONETARY FUND ISSUES A STUDY ON TAXES ON THE DIGITAL ECONOMY IN THE ARAB COUNTRIES
 2021-04-25


THE ARAB MONETARY FUND ISSUES A STUDY ON TAXES ON THE DIGITAL ECONOMY IN THE ARAB COUNTRIES Logo-ar




The failure to tax digital economy activities has ramifications related to the erosion of national tax rules, tax injustice and economic competition.


The application of taxes to the digital economy in the Arab countries and internationally faces challenges related to the ability of current tax rules to deal with digitization-based activities.


A number of Arab countries are making efforts to prepare for the application of taxes on digital economy activities.


The need for Arab countries to focus on reviewing tax legislation, building electronic databases, developing information systems and raising technical capabilities, in order to enable the pace of rapid technical development.


 
The Arab Monetary Fund has issued a study entitled "Taxes on the Digital Economy in the Arab Countries". The study comes in light of the Fund's interest in supporting the efforts of Arab member states in their endeavor to address the challenges of applying taxes on digital transactions in a way that enhances the protection of national tax rules, tax justice and economic competition, in light of the growing economic activities based on digitization.  

The study is based on the results of a questionnaire prepared by the Arab Monetary Fund to monitor the challenges facing Arab countries in applying taxes to the digital economy, and the nature of the efforts taken and planned to address those challenges related to the ability of the current tax rules to deal with digitization-based activities, in the absence of an international consensus on the distribution of rights. Interstate taxation.

The study highlighted the importance of the digital economy in terms of expansion, growth and financial resources reaped by digitization-based companies. It also pointed to the consequences of not subjecting the digital economy to taxes, represented in the erosion of national tax rules, inequality of taxation and economic competition. The study also dealt with the challenges facing the application of taxes on the digital economy at the level of Arab countries and the international level, the development of international efforts to address them, and the nature of measures and measures planned and taken at the level of Arab countries in this regard.

The study indicated that there is awareness at the regional and international levels of the importance of taxes on the digital economy in terms of the need for this sector to contribute to the public resources of countries in relation to its size and profitability, in addition to the need to correct the disparity in tax burdens between digital and traditional companies, but there is a difficulty preventing the application Current international and domestic tax rules and standards on digital transactions. Therefore, there is a need for concerted international efforts to reach an international consensus on international tax rules and standards that guarantee the fair distribution of tax rights among countries. In this regard, the study indicated that in light of the delay in reaching an international consensus, a number of countries around the world have taken unilateral measures that enable the application of taxes on the profits of companies based on digitization, which may have negative repercussions on international trade and technical development. .

The study also reviewed the measures that a number of Arab countries have taken to put in place in preparation for the application of taxes on activities based on digitization. In this context, the study indicated the need for Arab countries to focus on several areas, including reviewing and amending tax legislation and agreements to keep pace with the rapid technical development, making use of the multilateral agreement to combat international tax evasion, collecting the required data on digital economy activities, building electronic databases, and developing Tax administrations by developing information systems and raising technical capabilities.
 

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Post by claud39 Mon Apr 26, 2021 4:41 pm

OBJECTIVES AND MEANS
The Arab Monetary Fund is a regional Arab financial institution that was established in 1976, and began to operate in 1977, and the number of its member states is 22 Arab countries, namely: 
Jordan, United Arab Emirates, Bahrain, Tunisia, Algeria, Djibouti, Saudi Arabia, Sudan, Syria, Somalia, Iraq, Oman, Palestine, Qatar, the United Comoros, Kuwait, Lebanon, Libya, Egypt, Morocco, Mauritania, Yemen.

Fund goals

The fund aims to contribute to achieving the following objectives:
[list="font-size: 14px; color: rgb(0, 0, 0); box-sizing: border-box; margin-bottom: 10px;"]
[*]Correcting the imbalance in the balance of payments of the member states

[*]Work to remove restrictions on current payments between member states

[*]Establishing policies and methods of Arab monetary cooperation

[*]Provide advice, upon request, in relation to foreign investment policies

[*]The development of Arab financial markets

[*]Work to create conditions conducive to the creation of a unified Arab currency

[/list]

Means of achieving the fund’s objectives

In order to achieve its objectives, the fund depends on the following means
[list="font-size: 14px; color: rgb(0, 0, 0); box-sizing: border-box; margin-bottom: 10px;"]
[*]Providing short and medium term facilities to member states to help finance the overall deficit in their balance of payments

[*]Coordinating the monetary policies of the member states and developing cooperation between the monetary authorities in these countries

[*]Liberalizing and developing commercial exchanges and current and consequential payments, and encouraging the movement of capital between member states

[*]The fund allocates enough of its resources paid in the currencies of member states to provide the necessary credit facilities to settle current payments between member states in accordance with the rules and regulations approved by the Board of Governors and within the framework of a special account opened by the Fund for this purpose

[*]Managing any funds entrusted to him by a member state or member states for the benefit of other parties

[*]Holding periodic consultations with member states regarding their economic conditions and the policies they pursue in order to help achieve the goals of the Fund and the countries concerned

[*]Carrying out the necessary studies to achieve the goals of the fund

[*]Providing technical assistance to the monetary and banking agencies in the Member States

[/list]
The member states shall cooperate with each other, and between them and the Fund to achieve its objectives, and each member shall in particular: 
[list="font-size: 14px; color: rgb(0, 0, 0); box-sizing: border-box; margin-bottom: 10px;"]
[*]Reducing restrictions on current payments between member states, as well as restrictions on the movement of capital and its returns between them, with the aim of removing the aforementioned restrictions completely.

[*]Work to achieve the necessary level of coordination between policies, especially financial and monetary ones, in a way that serves Arab economic integration and helps create conditions for the creation of a unified Arab currency

[/list]
The fund cooperates with similar Arab institutions in achieving its objectives and cooperates with similar international organizations when necessary.
The fund provides aid and technical services in monetary and financial fields to member states that conclude economic agreements aimed at reaching a monetary union between them as a stage of achieving the fund’s goals.
The Fund, upon a decision of the Board of Governors, shall use any other method that helps the achievement of its objectives.
 
THE ARAB MONETARY FUND ISSUES A STUDY ON TAXES ON THE DIGITAL ECONOMY IN THE ARAB COUNTRIES Application-pdf The Agreement Establishing the Arab Monetary Fun
https://www.amf.org.ae/ar/page/%D8%A7%D9%84%D8%A3%D9%87%D8%AF%D8%A7%D9%81-%D9%88%D8%A7%D9%84%D9%88%D8%B3%D8%A7%D8%A6%D9%84
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