UAE affirms no plans for personal income tax imposition.

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In Abu Dhabi, the Ministry of Finance's Undersecretary, Younis Al Khouri, has made it clear that the UAE has no intentions of imposing income tax on individuals. This announcement was delivered during the 9th meeting of the Under-Secretaries of Ministries of Finance in Arab Countries, organized by the Arab Monetary Fund. The gathering served as a platform for discussing various fiscal and monetary policies in Arab nations, addressing critical issues such as financial risks on public budgets and climate change.

The meeting witnessed the participation of experts from the International Monetary Fund (IMF), the World Bank, and the Organization for Economic Cooperation and Development (OECD). Spanning two days, the event covered six discussion sessions and three dialogue sessions focused on sharing experiences from Arab countries. These discussions ranged from examining fiscal policy risks in the context of declining growth rates and high financing costs to exploring the role of fiscal policy in integrating the informal economy.

Amidst these discussions, Younis Al Khouri's statement emphasized the UAE government's commitment to maintaining its current tax structure, providing reassurance to residents and investors. The clarification aligns with recent affirmations from Saudi Arabia, emphasizing no plans to introduce income tax in their respective countries. The declarations underscore the strategic economic positions of these Gulf nations and their commitment to fostering a business-friendly environment.

Jan. 24, 2024 6:12 p.m. 2268

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