Taxation closes in on the Gulf

by ArabianBusiness.com staff writer Sunday, 20 May 2007

The UAE is moving closer to the introduction of a value added tax (VAT), according to Mohsin Khan, Middle East and Central Asia director of the International Monetary Fund (IMF). He said that most Gulf countries are considering some form of indirect taxation.

Related Stories

The Gulf states "are moving towards the introduction of VAT, however, the implementation of it will happen in phases,' he said. "Service driven economies such as Dubai and Qatar will be the first to implement VAT, with Dubai already having made significant progress."
Khan added that VAT made "economic sense" for Gulf countries that are diversifying into sectors including tourism, hospitality and financial services. "Taxation is certainly a politically sensitive subject in the Gulf. However, a sales tax is unlikely to attract as much opposition as an income tax," he added.



Search Property (2042 listed)



Enter a Development, City, Real Estate Agent or Developer name
Property Type
Added to Site
Price Range
to
Bedrooms
Area (in sqft)
to
to

Quick Links(Residental)