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Friday, May 25, 2007

Report: Oil accounts for 79 percent of Gulf states' income

ABU DHABI — Gulf Cooperation Council states have been urged to tax crude oil proceeds to diversify their economies, according to a new report.

The McKinsey Quarterly said GCC crude oil and natural gas earnings rose from $200 billion in 2002 to $325 billion in 2006. The report said the oil sector was responsible for 79 percent of the Gulf states' income in 2005.

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Oil revenues accounts for 92 percent of Kuwait's budget. Qatar has the lowest proportion of oil to total revenue, at 64 percent, Middle East Newsline reported.

Analysts urged GCC states to tax oil revenues in a drive to diversify their economies. They cited the current oil boom as an opportune time to impose such a tax.

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