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Posts Tagged ‘vat in the uae’

Car taxThe 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

Burj KhalifaThe 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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