DUBAI — The latest report by the strategy consultancy firm, Oliver Wyman, “Taxation for the Future of the GCC,” outlines how structural changes to fiscal policy could be an opportunity for governments to fuel future national transformation and drive economic stability through non-oil dependent taxation revenues.

Government debt is on the rise and budget deficits remain elevated – as much as $2 trillion may be required to balance the budgets of the six GCC countries by 2030. Historically the GCC states have relied on oil revenues to balance their budgets and while reserves are substantial, prices remain pressured by the global rise of alternative energy and electric vehicles.

Oliver Wyman’s report outlines the opportunity for potential non-oil revenues to be driven by taxation, one of a number of immediate reforms that could promote sustainable economic growth in line with and above global best practices.