The United Arab Emirates has no intention to enforce income tax on individuals, Ministry of Finance Undersecretary Younis Al Khouri said.
Like Saudi Arabia, you will be free of income tax in UAE
According to Gulf News, he clarified the government’s position during a meeting of the Under-Secretaries of Ministries of Finance in the Arab Countries. The Arab Monetary Fund organised it.
They had met to discuss a range of fiscal and monetary policies in Arab countries and key issues such as financial risks on public budgets and climate change.
Earlier this month, Saudi Arabia Finance Minister Mohammed Al Jadaan said that the kingdom has no plans to impose income tax on individuals in the country.
“Saudi Arabia is already leveraging various revenue sources, including a value-added tax (VAT), income tax on companies and foreign investors, and zakat on the local population,” Mohammed Al Jadaan said in an interview with Bloomberg on the sidelines of the 2024 World Economic Forum held in Davos on Friday.
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Experts from the International Monetary Fund, the World Bank, and the Organization for Economic Cooperation and Development participated in the two-day meeting.
It was aimed at sharing experiences from Arab countries where they also discussed fiscal policy risks and high financing costs to the role of fiscal policy in integrating the informal economy.
