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FINANCIAL NEWS
UAE will not impose taxes in 2011, 2012
21 Nov 2011
(MENAFN) UAE’s Undersecretary of the Ministry of Finance, Younis Haji Khouri, said that during 2011 and 2012, the country would not impose any new tax, as the Gulf Cooperation Council (GCC) members decided to delay the application of the planned value-added tax (VAT), reported Emirates 24/7.
Khori added that the delay would remain until all the GCC countries would be ready regarding their internal systems and specialized staff to implement a new tax.
He also said that the ministry prepared a three-year study in collaboration with other authorities on the dimensions of the application of VAT on the UAE society economically and socially, adding that the report included the potential range of VAT, which would include goods and services.
It is worth noting that even though the GCC was eager as a bloc to unify its taxation standards and procedures, however, individual countries within the bloc have the right to study and identify other types of indirect taxes to be applied separately.
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