The Impact Of Tax Structure Of The United Arab Emirates

* Corporations incur taxes at the corporate level at marginal rates; while, distributions to shareholders are taxed at dividend rate

If there are municipal charges, they are the seller’s responsibility. However, if they aren’t paid, the buyer can ultimately be held liable.

UAE is 16th most competitive economy (Global Competitiveness Report) and is ranked 26th in ease of doing business (Doing Business 2016). The standard of living in UAE is one of the highest in the

➢ Taxation – firms functioning when dealing with a different country the subject to that country’s laws and regulations.

The United Arab Emirates also known as the Emirates or the UAE, is a country located in the southeast end of Arabian Peninsula on the Persian Gulf, bordering Oman to the east and Saudi Arabia to the south, as well as sharing sea borders with Qatar and Iran. The United Arab Emirates was establish in 1971, and it is a federation of seven emirates; which include Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain.

For the tax year 2015/16, banks and building societies will continue to pay interest net of basic rate tax to individuals unless the person completes a form R85 for each institution where they have savings.

Governments around the world impose their own taxes, with their own requirements and procedures. International companies, most of these companies have their headquarters established in the United States, but many field offices all over the world; which they have to pay taxes in the country where they reside and in the country of earning foreign- source income.

In addition to above, some other taxes imposed by central / state government are as follows:

The economy in the United Arab Emirates has experienced substantial increases in the last 40 years. The UAE’s capabilities with the pearling and oil industries have given the region its necessary budgets to expand so rapidly. The economic policies in the UAE have gone through stages, since the birth of the region in 1971. Changes in economic welfare of the markets, and privatization policies are also key aspects in understanding the UAE’s economic liberalization and growth. In order to understand the UAE’s economic standard, economic liberalization must be analyzed. The argument of this paper will discuss how economic liberalization has occurred in the United Arab Emirates and is continuing to grow.

United Arab Emirates is located in the eastern part of the Arabian Peninsula and it extends along the part of the Gulf of Oman and the southern coast of the Persian Gulf. Country is not very big; it is only the size of the Maine. The neighboring countries are Saudi Arabia to the west and south, Qatar to the north, and Oman to the east. : The UAE is primarily flat or rolling desert. Its coast, which stretches along the southern shore of the Persian Gulf, consists mainly of salt pans that extend far inland. The largest natural harbor is Dubai. The UAE has no permanent rivers, but the desert area of Abu Dhabi includes two important oases with adequate underground water for permanent settlements and cultivation. The climate of the UAE is generally hot and dry.

The UAE is one of the riches nations in the world as measure by per capita GNP. The economy is primarily based on the oil

The UAE 's economy is the most diversified in the Gulf and the wider region. There’s no income tax. The gross domestic product is 67,616 dollars US per capita. The country oil and gas reserves are among the richest in the world. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to twenty five percent with a plan to push it to zero within next fifty years (Renewable Energy Prospects: United Arab Emirates p. 30). Low prices of oil have prompted the UAE to take steps to reduce its spending on country wide social programs, including eliminating fuel subsidies in August 2015. The IMF recently praised the vision and fiscal policies adopted by the country that

The UAE (United Arab Emirates) has been a federation of 7 emirates located on the Peninsula of Eastern Arabian with Saudi Arabia, Oman along with Qatar on its borders. In the north, Iran along with the Arabian Gulf are located. The populace of the UAE is varied and, like the various other Gulf nations, is comprised of migrants from not only the Middle East, but also India and Pakistan, along with Europe and Iran. In the last twenty years, the populace of the UAE exceeded substantially from 600,000 in 1985 to over 2.5 million in 1995 and flaunts somewhat over 4 million individuals today, of which just 20 % are native nationals. Roughly 80 % of the UAE populace is comprised of expatriates, most of whom are Indians, Iranians, Pakistanis along with Arab cizitens. The term "expatriate" is utilized throughout the text to stand for the above ethnic teams. The sharp boost in the UAE populace is attributable to the quick development in economic climate, trade and tourist. The populace spurt is generally triggered by foreign labor, which had migrated to the UAE to deal with the various ambitious advancement tasks (Baysal, 2001).

Capital Markets 95/1992 as of the first quarter of 2003, Finance bank owed the bank scheme regulator. The law grants foreigners access to the capital markets and authorizes subscriptions, brokerage services, securities and mutual fund management, securities transactions and venture capital activities and tools, and greening bays and authorized ones. Law / 2009 Egyptian Financial Supervisory Authority (EFSA) cannot be enacted in Oils for Financial Services.

The persistent decrease in the price of crude oil have led to the increase in the consciousness on the importance of tax as an important source of revenue. Tax is very pivotal in attaining growth and development in any known human society in that help provide basic infrastructures and social amenities for the people. Hence, the various tiers of government resort to the use of tax in ensuring they provide their social will to the people they governed. This academic write-up however focuses on the how tax and taxation system is geared towards growth and development in Nigeria using Lagos State specifically as a major point of refence.