VAT an inevitable transition for UAE economy | GulfNews.com:
"The introduction of Value-Added Tax (VAT) in the UAE is a step in the right direction for the country’s economy and an inevitable transition, analysts said.
Alp Eke, senior economist at the National Bank of Abu Dhabi, said that such initiatives like implementing taxes are becoming “necessary” especially at a time when plunging oil prices highlight the importance of diversification.
“The UAE is expected to register a budget deficit of 5-6 per cent of [gross domestic product] in 2015, and revenue-increasing measures such as subsidy removal and taxes are necessary. The UAE must diversify its revenue resources,” he told Gulf News."
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