The UAE government levied a 5 per cent VAT on goods and services in January 2018
However, a new tax of 5 per cent – the Real Estate Transaction Tax – will be levied on property deals in place of the VAT
The government could still face a budget deficit of over 13 per cent of gross domestic product in 2020
A consensus seems to be developing that tax regimes need to adopt a global approach to confront challenges posed by technological advances
© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.