VAT Tax its coming...
I tried to resurrect a past thread unsuccessfully. I got this piece of new from the "on line arabian business dot com"
UAE nears introduction of VAT. This is not good news for me.
The UAE is moving closer to the introduction of a value added tax (VAT), Gulf News reports today.
IMF director for the Middle East and Central Asia Mohsin Khan told the newspaper that most Gulf countries are considering some form of indirect taxation. The Gulf states "are moving towards the introduction of VAT, however, the implementation of it will happen in phases. Service driven economies such as Dubai and Qatar will be the first to implement VAT, with Dubai already having made significant progress,” he said.
Khan said VAT makes economic sense for Gulf countries that are diversifying into sectors including tourism, hospitality and financial services. "Taxation is certainly a politically sensitive subject in the Gulf. However, a sales tax is unlikely to attract as much opposition as an income tax," he said.