UAE: Low sales taxes please consumers
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.
- Grandiose promises, humble gestures: will Gaza actually receive all the aid it was pledged?
- Trouble getting them, trouble keeping them? Middle East firms challenged in attracting, retaining talent
- Does capitalism provide a solution to terrorism?
- No pain, no gain: Tunisian economy needs three years of tough love before rebounding
- How will MENA economies look in 2015?