In the first episode, Spencer Lodge, serial entrepreneur and chairman of Blue Sky Thinking Group and Dani Kurdy, Business Development Manager at ADJC debate about whether income taxes should be introduced in the GCC or not.
Benjamin Franklin’s famous quote – that “nothing can be said to be certain, except death and taxes” – is frequently revived whenever the topic of government levies are brought up in this part of the world.
Although governments in the Gulf region are not currently talking about introducing income tax, fluctuating oil prices, wavering geopolitical situations and economic uncertainties might prompt some governments to consider it as an alternative, more stable source of revenue.
In Dubai, it is commonly believed that any move to relinquish the emirate’s tax-free status would lead to some expats heading home. However, the introduction of VAT in 2018 did not result in that happening but did, in fact, manage to increase government annual revenue by AED 27billion.
(Source: Arbian Business YouTube channel)