The United Arab Emirates expects to complete the drafting of laws introducing corporate tax and value-added tax (VAT) in the third quarter of this year, according to a senior Ministry of Finance official.
The UAE currently has no VAT and levies no corporate tax, except for a few exceptions – branches of foreign banks, hotels, courier companies, and oil, gas and petrochemical producers –– but last year’s plunge in oil prices has weakened government revenues.
Drafts of the corporate tax and VAT laws have been discussed with the local and federal government. The authorities are still evaluating the social and economic impact of the laws, but drafting is expected to be finished very soon.
Full article can be read on Al Arabiya.