Once the leader of Dubai said, the Dubai will be the Business Hub of the world where at Business Bay the top class business and financial institutions will have their Head Offices. This was once a dream in the past, but now it is happening. Business and the world tallest tower took off; prices soared at 1349% of equity and properties. So we feel that there should be people's interests in Dubai news- everyday a new thing is happening to worth note.
UAE will not Apply VAT until 2010
A government official confirmed today that UAE will not introduce any VAT until 2010. Earlier it was rumored that in 2009 it will introduce VAT. Replacing the import tariffs with VAT will create a huge infrastructure unless all GCC countries introduce & adopt a common system.
As the all the GCC countries will sign up of the biggest Free Trade Agreement the VAT will replace the customer duty prevailing .The leaders are negotiating with China, Russia, India, EU. VAT is being studied its impact on the inflationary pressure of the country and see its effect until 2010. UAE does not apply income tax on individual’s income and most businesses.
Dollar Decline has impact on commodity prices and inflation. It is expected that prices of crude oil could reduce to $90 per barrel in the last quarter of 2008. US dollar continued to upward trend in this week that may lead to dampening in the imported inflation in the GC countries. The seven year slide may be ending soon. The dollar’s latest rise is closely tied with the recent decline in oil prices. The demand for the raw material appears to be waning. The development has got wide spread market implication on the global economy. & equity market. It is good news for the US & regional central bankers. However w e never knows when the fallout will turn to negative zone.
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