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Thursday, 5 January 2017

Abu Dhabi levies fee on expat tenants to boost revenues | Reuters

Abu Dhabi levies fee on expat tenants to boost revenues | Reuters:

"The emirate of Abu Dhabi has imposed a fee on expatriates renting homes there as it seeks to increase state revenues that have fallen due to low crude prices.

The municipal fee, equivalent to 3 percent of a tenant's annual rent, will take effect retroactively from February 2016, the Abu Dhabi Department of Municipal Affairs & Transport said on Thursday.

Last January the largest member of the United Arab Emirates hiked water and electricity charges, and in July the International Monetary Fund estimated the government would run a fiscal deficit of 6.9 percent of gross domestic product in 2016.

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