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