UAE Firmly Denies Plans for Individual Income Tax

The Ministry of Finance in the UAE has emphatically stated that there are no intentions to implement income tax on individuals. This declaration comes from Younis Al Khouri, the Undersecretary of the Ministry of Finance, during the 9th meeting of the Under-Secretaries of Ministries of Finance in Arab Countries, organized by the Arab Monetary Fund.

Clarification Amidst Fiscal Discussions

During the two-day meeting, discussions centered on various fiscal and monetary policies in Arab nations. Key topics included financial risks to public budgets and the impact of climate change. The event, featuring experts from the IMF, World Bank, and OECD, aimed to share experiences and insights from Arab countries.

Addressing Fiscal Challenges

Al Khouri's statement reaffirms the UAE's commitment to its tax structure. The gathering covered vital issues, ranging from fiscal policy risks due to declining growth rates and high financing costs to the role of fiscal policies in integrating the informal economy.

International Insights

The meeting offered a platform for participating countries to gain insights from experts, fostering collaboration and understanding. Notably, Saudi Arabia also recently echoed a similar sentiment, emphasizing their lack of plans to introduce income tax.