Dubai: The UAE Ministry of Finance does not have any plan to impose taxes on individuals, Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, said.
“We are studying the issue of imposing new fees for the newly introduced services at federal ministries and bodies, Shaikh Hamdan said.
He said the ministry is considering imposing taxes on harmful commodities and products.
The Ministry of Finance along with local governments and the other GCC countries are conducting studies on the possibility of imposing duties and taxes on tobacco products. “The ministry is committed to announcing any taxes once an agreement is reached with relevant and concerned parties,” he added.
Shaikh Hamdan said the ministry is continuously conducting studies on the econ-omic effects of levying taxes on companies. The findings are submitted to the Cabinet, particularly since these taxes are levied on companies in other GCC countries.
Shaikh Hamdan said the surplus funds levied from independent federal bodies reached Dh115.67 million up to September 30 last year.
On new fees, he said the issue of imposing or increasing fees is beyond the ministry’s policy and scope, and “we do not depend on these fees for government spending.”
He said the health insurance draft law has been submitted to the Ministry of Presidential Affairs to tackle points of difference between Abu Dhabi and Dubai.