The treaty is subject to approval by Israel’s parliament and cabinet
The kingdom has no plans to introduce an income tax, Prince Mohammed confirmed
The country also has plans to extend visa-free arrival for up to 30 days for citizens of more than 100 countries
The Abu Dhabi Judicial Department will organise training courses for judges and prosecutors specialising in money laundering and tax evasion
The kingdom hiked its value added tax (VAT) from 5 per cent to 15 per cent in July
However, a new tax of 5 per cent – the Real Estate Transaction Tax – will be levied on property deals in place of the VAT
A consensus seems to be developing that tax regimes need to adopt a global approach to confront challenges posed by technological advances
The kingdom has hiked its VAT rate from 5 per cent to 15 per cent starting July 1
The UAE government levied a 5 per cent VAT on goods and services in January 2018
The steps taken to shore up revenue and rationalise spending are valued at about SAR100bn in total