Revenues

Saudi projects budget deficit for fifth year running

Riyadh - Muslimchronicle

Saudi Arabia said Tuesday it expected to post a budget deficit for the fifth year in the row in 2018, forecasting a shortfall of $52 billion due to low oil prices. Revenues are predicted to be 783 billion riyals ($208.8 billion) and spending is expected to be 978 billion riyals ($260.8 billion), the highest in the oil-rich kingdom's history, accordingRead more

Turkey extends corporation tax hike to all companies

Ankara - Muslimchronicle

A Turkish parliamentary commission agreed on Friday to extend a planned 2 percentage point tax rise to all corporations instead of just financial institutions. Friday’s proposal was one of several changes to tax plans which aim to address a public backlash against proposals put forward last month while still allowing expenditure to grow. The government is seeking more revenues forRead more

Saudi Arabia considering allowing expats to invest in entrepreneurship

Riyadh - Arab Today

Saudi Arabia is heading in the direction of allowing expatriates to invest in entrepreneurship for an annual tax worth 20% after this field has been exclusive to the Saudis resulting in the “commercial cover-up” phenomenon which cost the national economy billions of riyals. Relevant authorities are studying the measures for imposing tax which will be of two types. The firstRead more

Moroccan Tourism Revenues Reach MAD 59.4 Billion as of November 2016

Rabat - Arab Today

Moroccan tourism revenues reached MAD 59.4 billion by the end of November 2016, making Morocco “the top African country attracting tourists,” said Abderrafie Zouitene, Director of the Moroccan National Tourist Office (ONMT). In an interview with Morocco’s Les Inspirations ÉCO, Zouitene said that since July 2016, the rates of increases have started becoming higher than that the first months ofRead more

Kuwait Posts Budget Deficit of KD 4.6 Billion

Kuwait - QNA

Kuwait's government posted a budget deficit of KD 4.6 billion for the fiscal year 2015/16 for the first time in 17 years, according to a report by the National Bank of Kuwait (NBK) carried by KUNA news agency on Wednesday. The deficit, before the transfer to the Future Generations Fund (FGF), reached 13.4 percent of GDP and it compares toRead more

EGP 25bn revenues of Suez Canal in 7 months

Ismailia - MENA

Suez Canal revenues have reached more than 25,921 billion pounds during the first seven months of the current fiscal year. As many as 9,745 vessels have crossed the canal waterway with 561.500 million tonnes of cargo, according to the Suez Canal official statistics. The statistics also confirmed that the Canal has recorded revenues, worth 429 million dollars, last July asRead more

Suez Canal Authority revenues up by 2.7%

Cairo - MENA

Suez Canal Authority revenues increased by 2.7 percent to hit 3,678.5 million SDR in 2015 compared to 3,590.7 million in 2014, according to a report on international trade indicators issued by the Cabinet Information and Decision Support Center. The authority has also realized positive growth hitting 0.6 percent to reach 882.4 million SDR during the first quarter of 2016, comparedRead more

Libya denies depositing oil revenues in unity government account

Tripoli - MENA

A spokesman for the interim Libyan government has denied reports over depositing oil revenues in an account belonging to the national unity government headed by Fayez al Serag. Such reports are baseless and unfounded, Hatem al Oraibi said in press statements on Friday. The oil revenues will be deposited in the account of the unity government only after being grantedRead more

Railways revenues up in February

Cairo - MENA

Revenues of the Egyptian Railways upped in February to hit about 103.2 million pounds against EGP 70.8 million in February 2015, Spokesman for the Transport Ministry Ahmed Ibrahim said on Friday. In a statement, Ibrahim said the number of long-distance train commuters reached 4.3 million in February 2016 compared to 3.7 million in February 2015. He added that such figuresRead more