UAE reaffirms: No personal income tax on the horizon
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UAE reaffirms: No personal income tax on the horizon

UAE reaffirms: No personal income tax on the horizon

Individuals won’t be taxed in the UAE any time soon, says a top delegation from the UAE’s Ministry of Finance

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UAE tax relief

Individuals in the UAE won’t be taxed on their personal income any time soon, says the country’s Ministry of Finance’s Undersecretary Younis Al Khouri.

Al Khouri reiterated his government’s position on tax during the 9th meeting of the Under-Secretaries of Ministries of Finance in the Arab Countries, according to a report by Gulf News.

His comments come after the UAE has implemented corporate income tax in recent months.

READ MORE: UAE corporate tax: MoF issues new decisions related to free zones

Meeting of financial minds

The current meeting of Under-Secretaries of Ministries of Finance in the Arab Countries, being held in Abu Dhabi this week, is organised by the Arab Monetary Fund and attended by the under-secretaries of Ministries of Finance, alongside a number of experts from the International Monetary Fund (IMF), the World Bank, and the Organisation for Economic Co-operation and Development (OECD).

UAE delegation.
Pictured: UAE delegation at the Under-Secretaries of Ministries of Finance in the Arab Countries meeting in Abu Dhabi from 22-23 January, 2023. (Credit: WAM)

Attendees have been discussing a number of issues related to fiscal policies in the Arab countries.

Participating from the UAE Ministry of Finance ARE Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, Ali Abdullah Sharafi, Assistant Under-Secretary for International Financial Relations, and a number of other specialists from the ministry.

“The meeting presents a key opportunity to exchange experiences and enhance coordination related to developments in fiscal policies and economic and financial reform efforts undertaken by fellow Arab nations to achieve economic and financial stability and promote inclusive and sustainable growth,” said Al Khoor.

He also expressed his gratitude to the Under-Secretaries of Ministries of Finance, for presenting their countries’ experiences and to the IMF, the World Bank, and the OECD for participating in the meeting.

Sessions at this year’s meeting have ranged from looking at topics such as “Financing Policy Risks in Light of Declining Growth Rates and High Financing Costs”, the “Green Economy and Transition to Clean and Renewable Energies”, “Sovereign Sustainability Linked Instruments: Opportunities and Challenges of Effective Implementation”, and ‘The Role of Fiscal Policy in Integrating the Informal Economy”.

The final session will discuss preparations for the 15th meeting of the Council of Arab Finance Ministers, scheduled for 22 May 2024, in Cairo, which will be held on the sidelines of the Joint Annual Meeting of Arab Financial Institutions.

 

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