Constantly debated over the last 10 years, the prospects of a federal corporate tax and value added tax in the UAE appear to be gaining momentum.
On 2 July 2015, the UAE’s Ministry of Finance (MOF) announced that progress had been made on drafting the federal corporate tax and value added tax laws, and that these drafts had been discussed with local and federal governments.
According to the Ministry of Finance’s 2014 annual report, issued on 30 June 2015, “developing and ensuring the sustainability of the federal government’s financial resources” is the MOF’s first strategic objective for 2014-2016. Establishing a tax system in the UAE ranks second in the list of initiatives proposed to meet this objective.
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