Arab Today, arab today dubai economic council discusses federal tax laws
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Dubai Economic Council discusses federal tax laws

Arab Today, arab today

Arab Today, arab today Dubai Economic Council discusses federal tax laws

Dubai - WAM

A number of draft federal tax laws proposed by the federal government were discussed today by the Dubai Economic Council in presence of representatives of Dubai’s economic departments and business leaders of the private sector. Chairman of the Council Juma Al Majid who presided over the meeting underscored the need to listen to all views of concerned departments on the of tax laws due to their significance and influence on the national economy. The chairman noted that the UAE in general and the emirate of Dubai in particular excelled in terms of the quantity and quality of services provided to the community to elevate the level of welfare generating demand on new resources to enable the country to continue to provide and develop these services. “Value-Added Tax (VAT) and other taxes are among the most important resources along with other fees,” Al-Majid said. Any step towards imposing taxes has to be carefully studied and deliberated. It is not wise to rush to impose them as this would have an impact on Dubai’s competitiveness and usher in a changes to the economic system. There is also a need to meet all requirements to implement taxes. These include completed legal frameworks, suitable capabilities to effectively enforce tax laws in line with the international best practices.” Al-Majid also stressed on the need to look at taxing policy as an integral part of the national economy, in terms of the new obligations of the UAE. “Imposing taxes, if any, should be performed on two stages. First: imposing VAT- which is relatively easier in terms on implementation as is the case in tens of countries- provided that national institutions should be prepared for the process in terms of technology, knowledge, human resources and material resources. In light of this and after considering the general atmosphere and trends, other taxes mulled by the government can be considered in line with developments. Impact of planned taxes, including those to be imposed on companies, on the national economy should be assessed by studies beforehand,” Al-Majid added.

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