Tax
#1
Tax
UAE: President establishes Federal Tax Authority
Abu Dhabi: President His Highness Shaikh Khalifa Bin Zayed Al Nahyan issued a decree on Monday to set up a new authority to collect data, information and statistics related to federal taxes.
The Federal Tax Authority (FTA) will be responsible for setting up and maintaining records on taxpayers and on taxes paid. It will also issue necessary guidelines and clarifications to taxpayers on matters related to federal taxes and related fines.
UAE: President establishes Federal Tax Authority | Zawya
Interesting times ahead.
Abu Dhabi: President His Highness Shaikh Khalifa Bin Zayed Al Nahyan issued a decree on Monday to set up a new authority to collect data, information and statistics related to federal taxes.
The Federal Tax Authority (FTA) will be responsible for setting up and maintaining records on taxpayers and on taxes paid. It will also issue necessary guidelines and clarifications to taxpayers on matters related to federal taxes and related fines.
UAE: President establishes Federal Tax Authority | Zawya
Interesting times ahead.
#2
#4
#5
BE Forum Addict
Joined: Jan 2015
Posts: 3,520
Re: Tax
Most will grumble but accept it. It'll start out quite low, a few %. Take a decade or two to get up to 10%. How many of you would quit and leave Dubai if you had to pay 10% income tax? Not many, I'd venture.
#7
Re: Tax
I wonder though, if it would have an affect on rents and general costs. Although looking at Singapore, I doubt it. They pay tax, and yet everything is at least as expensive as Dubai (although the quality is much higher).
#8
BE Forum Addict
Joined: Jan 2015
Posts: 3,520
Re: Tax
I was weighing a potential move to Singapore.
Figured out that not owning a car and the expense associated with it went some distance towards the tax.
QUOTE=Millhouse;12085124]Exactly. Most will suck it up.
I wonder though, if it would have an affect on rents and general costs. Although looking at Singapore, I doubt it. They pay tax, and yet everything is at least as expensive as Dubai (although the quality is much higher).[/QUOTE]
Singapore and Dubai are different markets. Not so many middle income expats in Singapore - those roles are all occupied by locals. They live in HDB apartments, don't have to pay for schools, so it's not difficult for them.
In Dubai there's way too many middle income expats who have to pay school fees and expensive rents. A sudden 10% loss of salary due to taxes will definitely hit them. Will that put pressure on rents to go down?
Figured out that not owning a car and the expense associated with it went some distance towards the tax.
QUOTE=Millhouse;12085124]Exactly. Most will suck it up.
I wonder though, if it would have an affect on rents and general costs. Although looking at Singapore, I doubt it. They pay tax, and yet everything is at least as expensive as Dubai (although the quality is much higher).[/QUOTE]
Singapore and Dubai are different markets. Not so many middle income expats in Singapore - those roles are all occupied by locals. They live in HDB apartments, don't have to pay for schools, so it's not difficult for them.
In Dubai there's way too many middle income expats who have to pay school fees and expensive rents. A sudden 10% loss of salary due to taxes will definitely hit them. Will that put pressure on rents to go down?
#9
Re: Tax
maybe I'm missing something but the article doesn't mention anything about personal taxes...it's talking about corporate taxes...right?
#10
Banned
Joined: Oct 2015
Location: Luton
Posts: 1,162
Re: Tax
I would leave UAE if the income tax was above 10%. I'd expect my employer to increase my wage as per the income taxes though. I think thats in my contract, i asked for the clause to be added
#14
Account Closed
Joined: Feb 2011
Posts: 0
Re: Tax
Still, I prefer working for a consultancy. It's comfy offices, 5 day weeks and all the public holidays.
#15
Re: Tax
I looked at a role in HK before that had about 8 or 10% tax which the company wasn't paying for me, but once the net figure was working out I didn't really care about the gross figure too much.
However I am sure it would be different if I started with 0% then got a new tax foisted onto me afterwards.
However I am sure it would be different if I started with 0% then got a new tax foisted onto me afterwards.