Paying VAT Would Help  UAE Economy
World Economy

Paying VAT Would Help UAE Economy

The introduction of a value added tax is unlikely to deter expatriate residents and foreign investors from coming to live and work in the UAE, businesspeople in the country have said, NewsNow reported. The UAE Ministry of Finance confirmed this month that it has been conducting studies on the implementation of a VAT and corporate tax draft law, along with the other (P)GCC countries. The statement came following the International Monetary Fund’s update on the financial status of the UAE, which recommended additional taxation among several options for the government to further strengthen its revenue base in order to minimize dependence on the fluctuating global oil price. John Martin St. Valery, founding partner of The Links Group, believes “an efficient low tax environment is unlikely to see an exodus of expatriates”, or put off investors. “Both Singapore and Hong Kong are testament to this,” he said. “The UAE enjoys a similar geographical advantage as these markets, in terms of being a gateway to the fast-growth economies of the Middle East, the Indian sub-continent and Africa.”


Short URL : https://goo.gl/mDkyhZ
  1. https://goo.gl/ZQOqKW
  • https://goo.gl/sfrGr1
  • https://goo.gl/6TGwXW
  • https://goo.gl/HJmHPS
  • https://goo.gl/uikdUL

You can also read ...

China Challenges US Solar Panel Duties
China says it is challenging a US tariff hike on solar panels...
In a retaliatory move, President Recep Tayyip Erdogan’s government on Wednesday announced higher tariffs on some US imports, namely on passenger cars (120%) and leaf tobacco (60%).
Turkey has raised tariffs on some US imports, including...
World trade volume growth peaked in January at almost 5.7% year-on-year but nearly halved to less than 3% by May.
Cyclical indicators point to slower and more uneven growth in...
File picture of Kim Jong-un (L) and Moon Jae-in at the truce village  of Panmunjom, South Korea.
South Korea President Moon Jae-in on Wednesday offered a bold...
Surging Inflation Mars Philippines Growth
The Philippine economy in 2018 is a story that can be summed...
Nigeria CPI Drops to 11.14 Percent
Nigeria’s National Bureau of Statistics says the consumer...
Moody’s Predicts Slower Fiscal Progress in S. Africa
South Africa’s fiscal consolidation will be slower than the...
Transport tickets and fuel have driven up costs for consumers.
Inflation in the UK climbed in the month of the July, as had...