Samba Financial Group does not see "any plans to introduce personal income taxes in the GCC at this time and these would probably be contemplated only as a last resort."

“Having said that, an income tax on expatriates shouldn’t be ruled out,” Samba said.

In tandem with cuts in investment spending, the GCC governments have embarked on broader fiscal reforms and consolidation, the Samba report noted.

In general, subsidies are being reduced, including for energy; fees are being raised and new ones introduced; and new taxes and excises contemplated. Most radically, value added tax (VAT) is set to be introduced across the GCC in 2018, probably at an initial rate of 5%.

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