Now that Paul Ryan has been confirmed as Mitt Romney’s running mate in November’s US presidential election, the focus on his tax policy ideas will intensify dramatically. One of the more eye-catching features of Ryan’s 2010 Roadmap for America’s Future Act was the proposal to replace corporate income tax with an 8.5% consumption tax.
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Like medicine, tax is an evolving science. Norah Al Khalaf explains how tax policies have changed across the member states of the Gulf Cooperation Council and what tax departments should prepare for next.