Governments across the Gulf have been planning fresh ways to raise money as low oil and gas prices open up big deficits in state budgets. In 2018, the six members of the Gulf Cooperation Council plan to introduce value-added tax.
However, according to Younis Al Khoury, under-secretary of Finance Ministry, the UAE has no plans to impose new taxes on individuals and the government is not studying the introduction of more fees for services. Al Khoury’s remarks appeared to rule out, for now at least, the possibility of personal income tax in the UAE. Also, the approved federal budget for 2017 amounting to Dh48.7 billion ($13.3 billion) would not rely on new taxes or additional fees, or revenues from VAT. The budget will not be affected by changes in global oil prices, he added.
On corporate tax, Al Khoury did not elaborate on any possible changes but said that the ministry had for years been studying the social and economic impact of it, and was now taking those studies to the cabinet, with a view to building a comprehensive tax regime. Also, an initial step in developing the tax regime had been taken with President His Highness Shaikh Khalifa Bin Zayed Al Nahyan’s decree last week setting up a federal tax authority.
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Dubai: Renewal of driving licenses will be available only online starting from 27 November 2016 as announced by the Roads and Transport Authority (RTA).
An Executive Council Resolution No. (50) of 2016 now regulates Dubai Municipality’s markets. The Resolution aims to boost economic development, help enhance food security and ensure public health and safety in Dubai.
The Executive Council Resolution No. (51) of 2016 partially amending the Executive Council’s Resolution No. (1) of 2014 on regulations governing the tram system in Dubai. The new amendments aim to enhance safety standards in the tram system.
Abu Dhabi: The Ministry of Human Resources and Emiratisation now implements the newly wages protection decree. The decree fairly contributes towards labour market stability as it safeguards employees while keeping business owners interests, salaries paid on time is a major contribution towards labour rights protection which is highly recognized by the UAE.
The Board of Directors of the Insurance Authority (IA) has adopted a new unified regulation for vehicle insurance policies against civil liability and against loss and damage.
Federal Law No. 4 for the Year 2016 on Medical Liability has recently been presented by the Ministry of Health and Prevention to medical practitioners. This new law was established after a comparative analysis of the medical liabilities and patient safety laws of the United Kingdom, the United States, the Netherlands, Australia and Canada.
