Accounting, Finance, and Taxation in the Gulf Countries by W. Abdallah

By W. Abdallah

This e-book makes a speciality of how multinational businesses can plan and deal with their overseas company within the Gulf nations. very important problems with accounting, auditing, finance, taxation, advertising, and managerial matters are coated in all the chosen Gulf countries.

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Sample text

The Persian Gulf States, also called the Gulf States (which may cause a confusion with the Gulf States of the United States, which are those areas along the Gulf of Mexico), are the countries in Southwest Asia or the Middle East that border the Persian Gulf. These countries are Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). Due to the fact that the Gulf countries have been a major source of oil for the major industrialized countries including the United States, the Gulf region has become a theater of several wars, invasion, and political unstability.

This aspect is of growing importance as the financial markets of the Gulf become more integrated (Anonymous 2005b). However, before introducing the single currency in the Gulf countries, the following issues should receive the highest priority: (1) maintenance of a strong fiscal position and (2) adoption of a common code of fiscal conduct consisting of fiscal convergence criteria, a common accounting framework for public accounting, and adequate budgetary procedures (IMF 2003a). The Impact on Multinational Companies American and other foreign multinational companies continue to focus their expansion in the Gulf region as the market potential here is huge.

S. S. sales exceeding $20 billion each year, and create more than half a million jobs in the United States. ). S. Government policies with respect to promoting America’s commercial interests in the Gulf countries. The ABCGC is actually one of four regional groups; the other three are in Latin America, Asia, and Europe. However, the Gulf market is more important than any other area in the world and it is a very competitive market for American multinational companies due to its location that houses two-thirds of the world’s proven oil reserves and also due to the following two main reasons: (1) all the Gulf countries rely heavily on a wide range of imported goods and services and (2) most of the sales in the Gulf countries are traditionally paid in cash.

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