The UAE has no plans to impose income tax or new service fees on individuals and companies to fund any fiscal deficit, Minister of Finance and Deputy Ruler of Dubai Shaikh Hamdan bin Rashid Al Maktoum said.
The Ministry of Finance has not included any tax plans in the 2012 budget and does not intend to introduce taxes in the coming years, Shaikh Hamdan was quoted on Wednesday as saying in an interview with Arabic daily Al Bayan. However, he said the ministry is conducting studies on socio-economic effects of a proposal to levy taxes on companies operating in the UAE.
The International Monetary Fund recently said in a report that the UAE is conducting an economic impact study of a possible introduction of a uniform corporate income tax as the country seeks to reduce its dependence on oil revenue.
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