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This Gulf state is planning a sales tax amid oil slump
The United Arab Emirates (UAE) government has drawn up plans to introduce a new sales tax and corporation tax – the first Gulf state to follow advice to do so – in what is widely seen as a response to low global oil prices.
According to the government-owned newspaper Al Ittihad, the UAE has drawn up plans to introduce the taxes, making it the first country in the Arabian Gulf to introduce a tax on consumption.
Value added tax would be levied at a higher rate on luxury goods, alcohol, and tobacco. Basic goods and essentials would be exempt from VAT, the newspaper's English-language sister paper, The National, reported Thursday. The proposals now have to be scrutinized by a number of government departments before becoming law, however …. http://www.cnbc.com
Source: http://luismmx.blogspot.com/2015/08/this-gulf-state-is-planning-sales-tax.html
