It seems that the United Arab Emirates won't be introducing an income tax anytime soon, a senior official said in an interview with Bloomberg TV.
“It is not at the table at all now,” Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, was quoted as saying by Bloomberg in a reply to a question about income tax.
On January 31, the UAE's Ministry of Finance announced the the introduction of corporate tax on business profits that will be effective for financial years starting on or after June 1, 2023.
During the interview, the minister said corporate tax was received a “positive manner” by businesses, as the new tax will replace the majority of the fees companies now pay.
In 2018, the UAE had earlier introduced a 5% value-added tax.
