YEAR 2016
Within the scope of the mid-term budgetary reform process, some in-
-depth reforms to the tax system are being considered for the near
future, where the possibility of adopting VAT to replace the current Con-
sumption Tax is of particular note. This measure will enable the taxable
base to be substantially widened, thereby contributing towards avoiding
double taxation and making it easier to fight tax evasion.
In 2017, the growth in GDP should recover to 1.25%, with some expan-
sion in the non-oil sector and with inflation on a downward trend, to
probably stand at around 20% at the end of the year.
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