- The Gulf Cooperation Council (GCC) states offers more conducive environment to pay taxes as compared to most of the countries around the world where the taxation regime exists for a long time.
- Raising the retirement age would attract more talented professionals and reflect that people are living and working for longer, industry experts have said.
- A mix of new direct and indirect taxes will be levied in the UAE and GCC in the near to medium term because oil prices are expected to remain low, necessitating the creation new sources of revenues to fund budgets, say tax experts.
- The Virtual Company Licence will enable freelancers and business people worldwide to have access to a regulated e-commerce platform and easily work with Dubai-based companies while also exploring new markets and investment opportunities digitally.
- The International Monetary Fund (IMF) has suggested that the value-added tax (VAT) should be doubled from five percent to 10 percent in Saudi Arabia in consultation with the other Gulf countries.
Analysts expect the hike in VAT rate will come only after 2021 once Kuwait and Oman will also be ready to implement it and as a customs union, the increase makes sense across the GCC countries.