UAE likely to be first to roll out VAT in Gulf

United Arab Emirates: Tuesday, March 04 - 2008 at 08:54

The UAE will most likely be the first Gulf country to implement a Value Added Tax (VAT) system after the Gulf Cooperation Council members complete a currency union planned for 2010, reported Khaleej Times. Having a service-oriented economy and wanting to be the regional hub for trade and investment, The UAE, which has been looking for other sources of income other than oil exports, is the most advanced among the GCC members in studying the VAT system, said Kuwait-based Farooq Mohammad Ladha, head of tax for the Middle East at Ernst & Young. However, he stressed that the UAE would have to look further into its fiscal policies because for a long time it has not seen any 'real necessity to collect more taxes' due to high oil export receipts.

Jeff  Florian Jeff Florian, Senior Reporter
Tuesday, March 04 - 2008 at 08:54 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Disclaimer:
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AME Info Web site does not constitute advice or a recommendation by AME Info FZ LLC / Emap Limited and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AME Info Web site.

AME Info FZ LLC / Emap Limited can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AME Info Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / Emap Limited.

In no event shall AME Info FZ LLC / Emap Limited be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AME Info Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.

MediaCentre »

Business Directory »

The news you choose

News and Articles »

Current Events »

Sponsored Message