The UAE has consistently proven that it is one of the best countries to reside in, with citizens and residents receiving a magnitude of benefits. One of the benefits is that individuals residing in the country are exempt from paying income taxes and that is not set to change anytime soon.
Younis Al Khouri, the Undersecretary at the Ministry of Finance stated that the country has no plans to introduce income tax on individuals residing in the region. Al Khouri unveiled that during the ninth meeting of the Under-Secretaries of Ministries of Finance in the Arab Countries, organised by the Arab Monetary Fund, the government clarified their stance on the matter. The meeting served as a platform to discuss matters relating to fiscal and monetary policies in the GCC and focused on issues regarding financial risks on public budgets and climate change.
During the gathering, experts from the IMF, the Organization for Economic Cooperation and Development (OECD) and the World Bank actively participated and shared their input to contribute to the welfare of the region. The meeting’s objective of the two-day gathering was to cover topics such as fiscal policy risks given the declining growth rates and high financing and also discuss the matter of how fiscal policy can contribute to integrating the informal economy.
The UAE has recently launched a range of initiatives that are set to help the youth manage finances and improve the quality of life acrossing the nation. The Dubai Wedding Programme was a new introduction that aims to aid young Emiratis plan out their big in a financially responsible manner while also coaching them on family and finance management.
الإخوة والأخوات … جرياً على عادتنا السنوية في إطلاق مشاريع وبرامج وطنية واعدة في الرابع من يناير من كل عام … نعلن اليوم عن إطلاق أجندة دبي الاجتماعية 33 .. وهي خطتنا لمجتمع دبي للعشر سنوات القادمة .. شعارها "الأسرة أساس الوطن" .. وميزانيتها 208 مليار درهم خلال العشر سنوات… pic.twitter.com/9HEeKiRyRp
— HH Sheikh Mohammed (@HHShkMohd) January 4, 2024
Also as a part of the Dubai Social Agenda 33, the Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has planned to invest a total of Dhs208 billion in this 10-year plan that revolves around the theme of “Family: The Foundation of Our Nation.”
He took the time to comment on the nation’s new initiative. “The Dubai Social Agenda outlines clear objectives and programmes based on the allocated budget and will be overseen by my sons Hamdan, Maktoum, Ahmed and their brothers who grew up as part of the larger Dubai family and will care about its well-being more than anyone else,” he said. “Our nation is not merely buildings and figures; it is made up of families and people. My message to everyone in charge is that our priority for the next stage is to protect, empower and support our families.”
As the nation spearheads into unbelievable levels of growth, it makes sure the give its citizens and residents, equal opportunities to grow as well.
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