As of June 2023, the United Arab Emirates (UAE) officially commenced the implementation of corporate income tax, sparking widespread attention. News regarding corporate income tax has been widely circulated, and discussions about plans for personal income tax have also entered the agenda.
💼 Statement by Deputy Secretary of the Ministry of Finance, Younis Al KhouriDeputy Secretary of the Ministry of Finance, Younis Al Khouri, clarified this week that there are currently no plans to impose personal income tax. The announcement was made during the 9th Arab Deputy Ministers of Finance Meeting, hosted by the Arab Monetary Fund.
🤝 Arab Deputy Ministers of Finance Meeting HighlightsThe meeting served as a platform to discuss critical issues such as fiscal and monetary policies, public budget financial risks, and climate change across Arab countries. Experts from the International Monetary Fund (IMF), World Bank, and the Organisation for Economic Co-operation and Development (OECD) participated in the two-day event, featuring six discussions and three dialogues, aiming to share experiences among Arab nations.
📈 Wide-ranging TopicsTopics covered in the meeting ranged from the risks of fiscal policies under declining growth rates and high financing costs to the role of fiscal policies in integrating the informal economy.
🇸🇦 Saudi Arabia Reiterates No Plans for Personal Income TaxNotably, Saudi Arabia recently reiterated its current stance, stating that there are no immediate plans to introduce personal income tax. Stay tuned for more updates on the evolving fiscal landscape in the Arab region.