UAE: Low sales taxes please consumers
Consumer in the UAE enjoy the worlds lowest consumption taxes
Consumers [in the UAE] can comfort themselves with the news that they enjoy the lowest level of consumption and sales taxes in the world.
That's according to new research by UHY, the international accounting and consultancy network.
The firm says its experts compared the taxes levied on a typical basket of goods across 22 countries around the globe and concluded that the UAE government takes two per cent of the total price of the basket of goods through taxes.
That compares well to the 15.5 per cent of the price they said is taken by the average European government.
“With well below average consumption and sales taxes, the UAE’s consumer economy gets a very welcome helping hand from the government,” said Rajiv Saxena of UHY Dubai.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?
- US Dollar, Japanese Yen Down as US Libor Hits Record Low, New Home Sales Surge - Consumer Confidence on Tuesday
- GCC to pursue plan for sales tax as oil prices falter
- Hard to please Emiratis? Dubai sees a surge in customer complaints
- Finance Minister: Israel Announces Sharp Import Tax-Cut on Consumer Goods