Income tax is not imposed in this country, nor is there any intention to impose it in future.

Income tax is not imposed in this country, nor is there any intention to impose it in future.

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new Delhi. The United Arab Emirates (UAE) has clearly refused to implement the Income Tax (Income Tax In UAE) system in its country. Just a week ago, it was announced to implement Corporate Tax in UAE on companies in UAE. With this announcement, the possibilities of implementing income tax further in the country were also being expressed.

UAE Minister of State for Foreign Trade Thani Al Zayoudi said in an interview to Bloomberg television that income tax is not on the government’s agenda right now. Earlier this year, the UAE imposed a 9% corporate tax on companies. This tax will be applicable from 2023. The UAE wants to arm itself with new international standards and break its image of a tax haven. So it has decided to levy corporate tax.

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Told corporate tax beneficial

According to Al Zayoudi, companies have taken this tax positively. With this tax, all the fees that companies have to pay now will be abolished. Just a month ago, Under Secretary of the Ministry of Finance Younis Haji Al Khouri said, “The UAE is an important place for innovation and investment. It will work for the spread of business locally and globally. The corporate tax regime is the best of its kind. It will help make UAE a hub of business and investment.

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The method of collecting corporate tax is not yet clear

Khoury said that with the introduction of corporate tax, the UAE has recognized and adopted international tax standards for tax transparency. This will help in preventing harmful tax treatment. He said that the UAE will attract large multinational companies by adopting a separate corporate tax rate and charging the lowest tax rate in the world.

It is worth noting that the UAE has taken several steps to break the image of its tax haven. It had levied a value-added tax of 5 per cent in 2018. It has imposed 20 percent tax on the profits of banks and insurance companies operating from outside the country. It is expected that in the next few weeks, the Finance Ministry will make it clear how corporate tax will be levied.

Tags: income tax, Personal finance, Tax

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