The United Arab Emirates authorities are considering the introduction of sales and income taxes, according to a report in the Khaleej Times.
Shaikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, and Minister of Finance and Industry told the paper on Wednesday that: “We are (still) under discussion (and) we have not decided yet. They are just bringing the idea (of levying taxes).”
Presently, apart from the oil industry and domestic banking, there are no income or capital taxes in Dubai, and no withholding tax.
Shaikh Hamdan made his comments after officially opening the 'Big 5' show - the largest trade show for the Construction industry in the Arabian Gulf - at the Dubai International Exhibition Centre on Wednesday.
A recent report issued by Meed Projects showed that there are currently 1,400 on-going projects in the Gulf region, with a total value in excess of $697 billion. About $221 billion, or 32%, of these projects are taking place in the United Arab Emirates.
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