UAE also announces not to collect individual income tax

Dubai: After Saudi Arabia, the United Arab Emirates (UAE) has also announced that it does not intend to introduce an income tax at the individual level.

According to Gulf News, UAE Deputy Finance Minister Younis Al-Khoury said that like Saudi Arabia, people in the UAE will remain outside the income tax net.

Younis Al-Khoury made this explanation at a meeting of finance ministers under the Arab Monetary Fund. The meeting was convened to review monetary policies in the Arab world and discuss and consult on the possibility of affecting public health and environmental budget funding.

It is peryinent to note that a few days earlier, the Minister of Finance of Saudi Arabia, Muhammad Al-Jadaan, announced that Saudi Arabia does not intend to impose income tax on any person in the country.

In an interview with Bloomberg.com, Muhammad Al-Jadaan said that Saudi Arabia collects zakat from people in the area of value added tax and income tax from large domestic and foreign institutions. In such a case, there is no immediate need for more sources of income.