UAE says no plans to impose Income Tax

Individuals in the UAE won’t be taxed on their income any time soon, the country’s Ministry of Finance’s Undersecretary Younis al Khouri said on Tuesday.

He said his government’s position on tax during the night meeting of the Under-Secretaries of Ministries of Finance in the Arab Countries.

It may be noted that the UAE implemented corporate income tax in recent months.

The current meeting of Under-Secretaries of Ministries of Finance in the Arab Countries, being held in Abu Dhabi this week, is organized by the Arab Monetary Fund and attended by the under-secretaries of Ministries of Finance, alongside several experts from the International Monetary Fund (IMF), the World Bank, and the Organisation for Economic Co-operation and Development (OECD).

bu Dhabi, January 23 / Al Omani / The Sultanate of Oman, represented by the Ministry of Finance, participated in the ninth annual meeting of the Undersecretaries of the Ministries of Finance in the Arab countries, which was held in the city of Abu Dhabi in the United Arab Emirates, organized by the Arab Monetary Fund.

The meeting dealt with several topics related to financial policy risks in light of the decline in growth rates and the high cost of financing, the green economy and the transition to clean and renewable energies, and the government measures taken related to sustainability.

It discussed the interaction between fiscal and monetary policies and its impact on economic performance, and the role of fiscal policy in integrating the informal economy, in addition to discussing the tax challenges arising from digitalization.

The meeting included a review of countries' experiences in strengthening social security networks, expanding fiscal space in light of current international developments, and enhancing the efficiency of government spending.

The delegation of the Sultanate of Oman was headed by Abdullah bin Salem al Harithi, Undersecretary of the Ministry of Finance.

The meeting dealt with several topics related to financial policy risks in light of the decline in growth rates and the high cost of financing, the green economy and the transition to clean and renewable energies, and the government measures taken related to sustainability.