By: Amr Adel
Dubai - Mubasher: The UAE intends to apply selective tax beginning this year, as per the agreement with the Gulf Cooperation Council (GCC) countries, said the minister of state for financial affairs, Obaid Humaid Al Tayer.
Al Tayer also told reporters on the sidelines of the second Arab Fiscal Forum in Dubai that the selective tax law will be issued after the Value Added Tax (VAT), and that it will be approved by the Federal National Council during the second quarter of 2017.
The selective tax will be imposed on unhealthy products such as soda and energy drinks, as well as tobacco and its derivatives.
Meanwhile, the minister negated any current plans to apply income tax, but he noted that corporate tax is being discussed to review its economic and social impacts if applied in the future.
Translated by: Moslem Ali
