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Tax haven? Not for long
Returns from the soon-to-be-implemented VAT will help the UAE diversify from oil revenues, but it won't do your bank account any favors
November 3, 2008 1:47 by kippreport
It’s only typical that at a time like this, when the financial world has hit the fan, that talk of the impended Value Added Tax (VAT) hits the press. Unfortunately, it’s precisely at a time like this governments talk about how to get you to bleed more money in order to save itself from financial ruin. For the UAE government, it’s simple math: with VAT they get revenue that helps diversify the nation’s dependence on oil profits.
True, it’ll be another three years before it gets here, but for those of you who’re planning a future in the UAE, be ready to be taxed.
However, what will the VAT do to the nation’s image as a tax haven? Granted, expatriates are escaping the income taxes enforced in their home countries and not VAT, but the introduction of one tax may lead to another; will that have an effect on how the UAE will be perceived in the future?