BUDGETS AND REVENUES
GCC Approves Distribution Mechanism ForCustoms Revenue
GCC FinanceMinisters, at a meeting in Riyadhon 5 June, approved a mechanism for the distribution of customs revenue,thereby removing a major obstacle to their efforts to form a customs union inJanuary 2003. The ministers agreed to distribute revenues on the basis of thefinal destination of imports and not on percentages, which proved unacceptableto some members. According to the Omani Minister...