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Posts Tagged ‘taxes in dubai’
The UAE government could diversify its revenues and strengthen its fiscal position by implementing not just a value-added tax (VAT) system, but also a special excise on cars and corporate income tax on all companies.
In an August 2015 report, the International Monetary Fund (IMF) said the UAE could generate extra revenues worth as much as 4.1 per cent of the non-hydrocarbon domestic product (GDP) by introducing a 15 per cent ad valorem tax on passenger vehicles and broadening the coverage of its corporate income tax scheme, aside from collecting a five per cent VAT. Read more
The IMF has urged the UAE to consider introducing excise taxes and a uniform corporate tax for both local and foreign firms. At present there is little corporate taxation outside the oil sector, apart from a 20 percent levy on foreign banks in Dubai.The United Arab Emirates, seeking to bolster state revenues, is likely to complete the drafting of laws introducing corporate tax and value-added tax in the third quarter of this year, a senior Ministry of Finance official has said.
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An interesting article by our friend Jessica Cook about British expats and maintaining your National Insurance contributions.
It is important that British expats understand the rules in relation to their eligibility to the state pension.
The purpose of paying Voluntary National Insurance contributions is to secure entitlement to various UK National
Insurance benefits like the basic State Pension. It has agreements with Reciprocal Agreement Countries and European Economic Area (EEA) regarding special benefits.
Living abroad and not paying UK National Insurance Contributions (NICs) may restrict your access to these benefits Read more
