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HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH AT THE OPENING OF THE "THIRD REGIONAL FORUM FOR TAXES IN THE ARAB COUNTRIES" ON TAX MEASURES TO SUP DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH AT THE OPENING OF THE "THIRD REGIONAL FORUM FOR TAXES IN THE ARAB COUNTRIES" ON TAX MEASURES TO SUP

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HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH AT THE OPENING OF THE "THIRD REGIONAL FORUM FOR TAXES IN THE ARAB COUNTRIES" ON TAX MEASURES TO SUP Empty HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH AT THE OPENING OF THE "THIRD REGIONAL FORUM FOR TAXES IN THE ARAB COUNTRIES" ON TAX MEASURES TO SUP

Post by claud39 Tue May 25, 2021 7:45 pm

HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH AT THE OPENING OF THE "THIRD REGIONAL FORUM FOR TAXES IN THE ARAB COUNTRIES" ON TAX MEASURES TO SUPPORT ECONOMIC RECOVERY IN THE POST-CORONA PANDEMIC CRISIS


 2021-05-23




HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH AT THE OPENING OF THE "THIRD REGIONAL FORUM FOR TAXES IN THE ARAB COUNTRIES" ON TAX MEASURES TO SUP Logo-ar






The challenges of the equation in how to find a balance between considerations of supporting economic recovery and achieving fiscal discipline
The importance of developing a clear and comprehensive strategy linking tax measures with economic recovery pathways in a way that enhances public revenues and supports economic recovery
The need to reassess a number of short-term policies and tax measures taken to mitigate the unfavorable repercussions of the pandemic
Appraising the ongoing reforms in the field of tax administration in the Arab countries towards building a modern tax administration that enhances tax compliance, and emphasizing the importance of digitizing tax services
 

With the participation of experts from regional and international financial institutions and the presence of officials in the ministries of finance and tax authorities and authorities in the Arab countries, His Excellency Dr. Abdul Rahman bin Abdullah Al-Hamidi, Director General, Chairman of the Board of Directors of the Arab Monetary Fund, delivered an opening speech at the Third Regional Forum for Taxes in Arab Countries, which is held under the title “ Tax measures to support economic recovery in the post-Corona pandemic crisis ,” organized by the Arab Monetary Fund, in cooperation with the International Tax and Investment Center, today May 23, 2021.

At the beginning of his speech, His Excellency affirmed that the convening of the forum this year came in light of the increasing economic and financial challenges resulting from the spread of the Corona pandemic, on top of which are financial imbalances, high indebtedness and increased levels of fragility in most countries, and expectations of continued risks surrounding the prospects for economic growth. His Excellency indicated that these challenges and risks cast a shadow over the rapid return to the path of economic recovery despite the signs of emerging from the critical stages of the crisis, which began to increase day by day thanks to the concerted efforts to distribute vaccines and adapt to life in light of the pandemic. 

In this context, His Excellency stressed the importance of taxes in strengthening financial conditions and supporting economic recovery paths in the post-crisis phase. And he indicated that the balance between these two goals requires a smart approach between considerations of supporting economic recovery and the requirements of achieving financial sustainability, pointing to the need to develop a clear and comprehensive strategy that links tax measures with the paths of economic recovery.

In this regard, His Excellency stressed the importance of gradual exit from the short-term tax measures that were applied during the pandemic, in order to enhance economic dynamism. He also discussed a number of tax options that can be relied upon to support economic growth in parallel with increasing financial revenues to strengthen the financial position, especially in light of the reform space that characterizes goods and services taxes, which represent about 8 percent and income taxes, which represent about 2 percent of The Gross Domestic Product (GDP) in the Arab countries, allowing options related to indirect tax policies, direct taxes, options and tools for strengthening tax administration and raising tax compliance rates. He also stressed the importance of making use of the use of modern financial technologies to improve tax services.

Finally, His Excellency called for the importance of tax coordination at the international and regional levels to achieve tangible progress in the framework of keeping pace with global tax arrangements and frameworks, in a way that strengthens the protection of national tax bases.
 
The following is the full text of the speech:


Your Excellencies,
Ladies and Gentlemen,
 

I am pleased to welcome you on the occasion of the third regional forum for taxation in the Arab countries, organized by the Arab Monetary Fund, in cooperation with the International Tax and Investment Center, as a forum for financial and tax policy makers in our Arab countries.


Allow me at the outset to thank your Excellencies, heads of tax authorities and agents of ministries of finance in the Arab countries for their support and participation in the forum. I am also pleased to welcome senior officials in the ministries of finance, authorities and tax authorities from various Arab countries. We appreciate their eagerness to participate that reflects the great interest that the authorities in Arab countries attach to enhancing opportunities for exchanging experiences and expertise in discussing various tax issues in the context of current developments and challenges.


In this opening, I also do not fail to express my welcome to our partners in the International Investment and Tax Center, the International Monetary Fund and the World Bank, and the Organization for Economic Cooperation and Development. Its intended.
 

 
Ladies and Gentlemen,
The convening of the forum this year comes in light of the increasing economic and financial challenges resulting from the Corona pandemic, foremost of which are financial imbalances, high public indebtedness and increasing levels of fragility in most countries, and expectations of continuing risks surrounding economic growth prospects in light of the continuing uncertainty surrounding global trade, and an increasing number of citizens. Internal weakness and fragility in some countries. These challenges and risks cast a shadow over the rapid return to the path of economic recovery, despite the signs of an exit from the critical stages of the crisis, which began to increase day after day thanks to the concerted efforts to distribute vaccines and adapt to life in light of the pandemic.
 

Ladies and Gentlemen,
Estimates of international institutions show that the performance of the global economy will improve during 2021 and 2022, to reflect a trend to recover from the repercussions of the Corona pandemic in light of the expansion in the provision of vaccines and the return of activity to a number of economic sectors, as expectations indicate a growth rate estimated at 6.0 and 4.4 percent. For two years in a row. However, the path of this recovery remains surrounded by uncertainty in light of the possibilities that the virus will not be contained, and the increase in global debt risks, which increased by an estimated $ 24 trillion, to reach $ 281 trillion, or 355 percent of global output by the end of 2020.


With regard to the Arab countries, it is estimated that the expected recovery of international trade and an increase in global demand for oil and its prices, in addition to the policies to support recovery and growth that most Arab countries have undertaken through stimulus packages totaling about $ 264 billion during the year 2020, will be reflected in achieving an expected growth rate. It should reach about 2.8 percent in 2021 and rise to about 3.6 percent in 2022, according to the estimates of the Arab Monetary Fund, compared to a contraction of about 4.4 percent during the year 2020, with the expected variation in the speed of recovery among Arab economies, according to the capacity of health systems and the extent of Availability of the financial space for the continuation of the recovery policies, and the nature of the economic structures.


In light of the continuing climate of uncertainty in the prospects of economic developments and their repercussions on the financial conditions of our Arab countries, the need to move forward in support of economic recovery in parallel with achieving financial discipline and financial sustainability. The difficulty of this equation lies in how to find a kind of balance between considerations of supporting economic recovery and achieving fiscal discipline. As supporting economic recovery in the medium term requires continuing efforts to stimulate economic activity and confront the effects of the pandemic by increasing government capital spending, stimulating consumer spending, and stimulating investment spending for the private sector, while restoring financial sustainability requires intensifying the pace of implementation of financial reforms aimed at containing levels Deficit in public budgets and reducing levels of public debt. 


Such situations require the adoption of a smart approach that balances the requirements for promoting economic growth and the goal of increasing fiscal revenues to strengthen the financial position. Perhaps it is important in this regard to consider developing a clear and comprehensive strategy linking tax measures with the economic recovery paths in a way that enhances public revenues and supports economic recovery, especially since the stage of economic recovery requires building more flexible and effective financial policies to face the challenges of economic recession by moving the supply and demand sides, This requires more government spending and the adoption of measures to encourage consumption and investment in line with the developments required by the post-Corona phase.
 

Ladies and Gentlemen,


As economies recover, there will be a need to reassess a number of short-term policies and tax measures taken to mitigate the unfavorable fallout from the pandemic. In this context, there is a need to adopt a gradual strategy in exiting these policies and measures in a way that enhances economic dynamism, especially since there are some policies and incentive measures that will be needed to continue to support and stimulate the aggregate demand side. 


Efforts can also be focused on increasing revenues from broad-based taxes that will have less impact on growth, including consumption taxes that are fair in distributing the tax burden over a broad tax base, and being efficient in enhancing public resources, given the reform space that characterizes it, As the average percentage in the Arab countries is about 8Percent of GDP. In this context, it is possible to focus on value-added tax as one of the options available to increase revenues without hindering the path of economic recovery, as it is one of the most important sources of tax revenues and is less likely to discourage investment and growth. In this regard, the reform of the tax landscape could be reconsidered through measures aimed at broadening the tax base. Perhaps the available international experiences in the field of policies for applying value-added tax to government services, the real estate sector, financial services, and digital services represent an opportunity to benefit from them in addressing the challenges associated with expanding the tax base.


The current trends in support of tax coordination at the international and regional levels and the accompanying emergence of international tax standards and rules that limit tax fraud are pushing towards the necessity of integrating efforts, in order to establish tangible progress in the framework of keeping pace with global tax arrangements and frameworks and addressing international tax issues, and strengthening the protection of national tax bases. . In this context, and in light of the expansion of remote work and the shift towards digital trade observed during the crisis, and expectations of more economic activity moving through electronic networks, international measures and standards related to expanding the value-added tax umbrella can be taken advantage of to include electronic services and digital transactions.


The need to stimulate investment opens the way to enhancing the flexibility and fairness of income taxes, which generally leads to the distribution of the tax burden on the taxpayers according to their ability to bear. This can be done by expanding the tax umbrella and reducing the tax burden by promoting progressive income taxes, and harmonizing tax policies with the financial capabilities of small-sized businesses that form the basis of the productive sector, away from the exemptions that have a limited impact on stimulating and attracting investment. This is because from the structure of Arab tax revenues, it is noted that income tax revenues have decreased, as they represent about 2 percent of GDP, which shows the possibility of raising their revenues while maintaining support for economic growth.
 

Ladies and Gentlemen,
Perhaps the reforms achieved in the field of tax administration in our Arab countries constitute a reliable asset in building a modern tax administration that strengthens tax compliance. The challenge in this context is how to take advantage of modern technologies to strengthen tax administration and reduce the burden on taxpayers, in order to raise tax compliance rates and improve collection efficiency. Although the availability of some electronic services to taxpayers has accelerated against the backdrop of the increasing demand for electronic management created by the pandemic, there is still a need for more investment in technical infrastructure to enable more automation and improve digital capabilities and ability to manage risks. Simplifying taxes through smart administrative procedures and measures targeting the small business sector could also help integrate informal sector activities into the formal sector in the long run.


 
Ladies and Gentlemen,


Today, the forum will discuss tax reform challenges and options to support economic recovery and enhance financial conditions in the post-pandemic phase, while considering ways to benefit from the rapid technical development in building modern tax administration systems that enhance tax compliance and improve collection efficiency. All these topics are discussed by drawing on Arab and international lessons and experiences in this regard. There is no doubt that the forum represents an opportunity for consultation and exchange of views and experiences on various tax issues, which contribute to increasing public resources and strengthening financial conditions, while at the same time creating an enabling environment that encourages inclusive and sustainable growth.


Before concluding this speech, I would like to point out that the Arab Monetary Fund has been keen in recent years to increase its interest in tax reform issues, realizing its importance to our Arab countries, whether through reform programs within the framework of the fund’s facilities or through capacity-building activities, workshops and forums for the exchange of experiences and knowledge. Today, we are looking forward to discussions and opinions to benefit from them in enhancing our awareness of the needs and priorities in terms of policy reforms and tax administration in the Arab countries, and to benefit from them as well in developing the programs and activities of the Fund in the field of public finance.


Finally, I would like to reiterate my thanks to our partners in organizing the forum, as I do not miss in this regard, to reiterate my thanks to the participants from the ministries of finance and tax authorities and authorities from all over our Arab countries.


In the end, I can also only extend my sincere thanks and appreciation to the United Arab Emirates, the country of the fund’s headquarters, for providing all the facilities that undoubtedly help the Fund carry out the tasks assigned to it.


Peace, mercy and blessings of God.




https://www.amf.org.ae/ar/content/%D9%85%D8%B9%D8%A7%D9%84%D9%8A-%D8%A7%D9%84%D8%AF%D9%83%D8%AA%D9%88%D8%B1-%D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D8%B1%D8%AD%D9%85%D9%86-%D8%A8%D9%86-%D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D9%84%D9%87-%D8%A7%D9%84%D8%AD%D9%85%D9%8A%D8%AF%D9%8A-%D8%A7%D9%84%D9%85%D8%AF%D9%8A%D8%B1-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D8%B1%D8%A6%D9%8A%D8%B3-%D9%85%D8%AC%D9%84%D8%B3-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-51
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