The UAE has officially announced that it will not be imposing an income tax on individuals. This statement was made clear during the 9th meeting of the Under-Secretaries of Ministries of Finance in Arab Countries, affirming the government’s stance amidst the recent introduction of corporate tax in May 2023.
Younis Al Khouri, the Ministry of Finance Undersecretary, emphasized this position during the gathering, organized by the Arab Monetary Fund in Abu Dhabi. The meeting, spanning over two days, saw the presence of significant international bodies including the International Monetary Fund, the World Bank, and the Organisation for Economic Co-operation and Development.
Discussions at the meeting were diverse, focusing on strategies to mitigate risks, enhance sustainability, and facilitate the transition to renewable energy across Arab nations. It’s reported that Al Khouri played an active role on the second day, contributing to sessions on the tax challenges of digitalization and on boosting government spending efficiency.
This reassurance from the UAE government, initially reported by Gulf News, will likely be welcomed by Dubai’s citizens, especially after the introduction of a nine percent corporation tax last year, affecting businesses and private firms.
