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SHINING A LIGHT ON THE GCC’S $890BN SHADOW ECONOMY AS FEATURED ON AGBI – JUNE 23, 2023
The article discusses the significant size and impact of the shadow economy in the Gulf Cooperation Council (GCC) countries. It highlights the estimates of the shadow economy’s value, which amounts to a staggering $890 billion.
Our Managing Director, Scott Cairns, highlights the importance of implementing effective policies and regulatory frameworks to encourage individuals and businesses to operate within the formal economy. He suggests that reducing the tax burden and simplifying tax compliance procedures can incentivize businesses to transition from the shadow economy to the formal sector.
Originally Published on June 23rd, 2023.
