By: Amr Adel

Dubai – Mubasher: Saeed Rashed Al Yateem, Assistant Undersecretary of the Budget and Revenue Department at the UAE’s Ministry of Finance (MoF), has said that the Ministry is currently coordinating with UAE governments to update studies prepared in 2008, 2010 and 2012 on the social and economic impacts resulting from the application of taxes on companies operating in the country.

The Ministry is examining imposing competitive tax rates, Al Yateem told Mubasher in exclusive statements on Thursday, adding that it is expected that the new studies will show the effect of applying such rates on the government.

This step coincides with the International Monetary Fund’s (IMF) suggestion to impose such a tax on countries in the Gulf Cooperation Council (GCC) with the aim of diversifying and improving income sources for the budget, Al Yateem noted, adding that most GCC countries already impose such taxes on companies operating within them.

Accordingly, the UAE is conducting studies in this field and results from these studies will be presented to the Cabinet, he added, highlighting that no decision regarding imposing such taxes has been made in the UAE till now.

Translated by: Nada Adel Sobhi