Tuesday, Dec 22, 2015

Abu Dhabi

The UAE is not planning to start taxing individual incomes in the UAE, a minister of state said yesterday.

“There is no intention and no plans to impose taxes on the income of individuals in the UAE,” Obaid Humaid Al Tayer, Minister of State for Financial Affairs, told reporters at the Federal National Council yesterday.

Al Tayer also dismissed any plans to impose taxes on remittances.

However, Al Tayer said, the government is considering introducing corporate taxes.

“We are still studying the corporate tax law, which is still in its initial stages and it’s being discussed with local governments and no agreement has been reached so far.”

A value-added tax (VAT) is also being discussed at the GCC level, Al Tayer said. If an agreement is reached by the beginning of next year, it may be implemented in 2018 or 2019. “The tax takes at least 18 months to be implemented,” Al Tayer said.

Also yesterday, Al Tayer said new pension laws will offer equal treatment to Emirati workers in the government, local department and the private sector.

“Equal pension benefits and obligations will be guaranteed in the new pension laws for Emirati employees in the federal government, local departments and the private sector to encourage movement between jobs in these sectors,” he said.

Meanwhile, the country’s first Child Rights law was passed by the FNC for the second time yesterday.

The law would apply to all children up to 18 years, regardless of nationality and religion.

The draft law provides for children’s right to security, to freedom from inhuman, cruel, or degrading treatment and the right to special protection during childhood. It also states a child’s right to life, the right to a name, the right to express their views freely, the right to health care, the right to protection from economic and sexual exploitation, and the right to education.

See also Page 12

By Samir Salama Associate Editor

Gulf News 2015. All rights reserved.