The IMF has urged the UAE to consider introducing excise taxes and a uniform corporate tax for both local and foreign firms. At present there is little corporate taxation outside the oil sector, apart from a 20 percent levy on foreign banks in Dubai.The United Arab Emirates, seeking to bolster state revenues, is likely to complete the drafting of laws introducing corporate tax and value-added tax in the third quarter of this year, a senior Ministry of Finance official has said.
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