UAE Confirms No Plans to Impose Individual Income Tax

Younis Al Khouri, the Undersecretary of the Ministry of Finance has confirmed that UAE will not introduce individual income tax. The announcement was made during the 9th meeting of Under-Secretaries of Ministries of Finance in Arab Countries organized by the Arab Monetary Fund. The meeting provided a podium for debating different fiscal and monetary policies among Arab states including financial risks on public budgets and climate change.

Some of the notable contributors in the meeting were the IMF, World Bank and Organization for Economic Cooperation and Development (OECD) experts. In the two-day meeting, there were six discussion sessions and three dialogue sessions, which provided opportunities for Arab countries to exchange their experiences. The topics discussed included the dangers of fiscal policies during falling growth rates and high borrowing costs, as well as how fiscal policies could incorporate the informal economy.

It is noteworthy that Saudi Arabia has recently reaffirmed its position, declaring that no income tax would be introduced. These declarations from the UAE and Saudi Arabia further signify their dedication to their respective tax policies.