View Full Version : Is the UAE one of the G20's 40 'black listed countries?
outboundjetsetter
3rd Apr 2009, 13:03
Just curious if anyone knows whether or not the U.A.E is one of the countries OECD has listed out of the G20 as withholding tax info.
if so could this mean the u.a.e will start telling everywhere we go what we have earned here? or worse whats the chance they will increase taxes here in the near future.
What next!
Simple answer is no.
Neither is it on the list of the US Stop Tax Havens Abuse Act, nor of the Tax Research Organisation list of tax havens. IMF lists it as a tax haven but 1 out of 4 aint bad.
IMF also considers, Hong Kong, Singapore and Switzerland as tax havens so they must have a pretty broad definition.
Desert Diner
3rd Apr 2009, 16:47
The Emirates do not have an income tax.
Mike.Park
4th Apr 2009, 21:22
As far as the OECD is concerned, they have no issue with countries being competitive with respect to tax rates (or no taxes at all), nor do they take issue with countries protecting individuals by data protection legislation.
What they are trying to discourage are governments that lack regulatory transparency, governments that aren't willing to work with OECD member countries that make formal requests for information on certain individuals, mainly millionairs/billionairs that owe Uncle Sam big bucks!
Some interesting info here (http://www.oecd.org/document/21/0,3343,en_2649_37427_42344853_1_1_1_1,00.html).
Dale Hardale
4th Apr 2009, 21:56
The UAE is often described by tax authorities in various countries as a "zero" rated income tax state. That's why it's not a so called tax haven.
The UAE could very well start levying tax above the vurrent "zero" rate any time it likes.
Now the economy is stuffed, what can the governement here do to offset this, ... hmmm.....watch this space.:E