While UAE's corporate tax regime came into being from June 2023, there are no plans to do the same on income tax for individuals. Image Credit: Shutterstock

Abu Dhabi: The UAE has no plans to impose income tax on individuals, according to Ministry of Finance’s Undersecretary Younis Al Khouri.

Al Khouri clarified the government's position during the 9th meeting of the Under-Secretaries of Ministries of Finance in the Arab Countries, organised by the Arab Monetary Fund. The gathering provided a platform to discuss a range of fiscal and monetary policies in Arab countries, as well as key issues such as financial risks on public budgets and climate change.

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The meeting featured the participation of experts from the IMF, the World Bank, and the Organization for Economic Cooperation and Development (OECD). The two-day meeting covered six discussion sessions and three dialogue sessions aimed at sharing experiences from Arab countries. These ranged from fiscal policy risks in light of declining growth rates and high financing costs to the role of fiscal policy in integrating the informal economy.

Recently, Saudi Arabia too had reiterated there were no plans to introduce income tax.