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UAE may impose broad taxes

The UAE federal government is cominmg close to putting together a strategy that will see value added tax added to goods and services in the country. Research is currently in its final stages into models for VAT that might be imposed on UAE residents within a year, reported Gulf News. A new federal authority is expected to be formed that will be responsible for imposing VAT rules and overseeing its collection, although it remains unclear whether the tax will be added at a retail store level or as some form of additional import duty.