VOL. XLV

No 24

17-June-2002

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...