ADVENTURES IN DUBAI:
YOUR FAVOURITE NUMBER ONE BLOG
BRITISH DESIGNER LIVING IN DUBAI TELLS (NEARLY) ALL

Wednesday, February 15, 2006

The VATman Cometh

Great, just great. The International Monetary Fund have convinced the GCC countries that it would be really good if we had Value Added Tax. The GCC told the UAE to sort it out. The UAE have delegated the job to Dubai Customs. Dubai Customs have hired the IMF as a technical consultant.

At this time of rampant inflation, do we really need another tax? And in this era of high oil prices, most GCC countries already have more cash than they know what to do with.

But look on the bright side: this is a GCC-wide project, so the possibility of all parties reaching agreement in under ten years is extremely unlikely.

4 Comments:

Blogger MJ said...

They have been talking about changing the currencies in the GCC forever, and I think it's due some time around 2008 or 2009.

10 more years at least for them to reach an agreement, then few more years for them to start working on it.

Enjoy your life, I won't worry about it, I will leave it for my children. :P

10:42 pm  
Blogger nzm said...

The IMF are no doubt acting on behalf of the US and countries in Europe that dislike all the companies coming to the GCC because of the free zones. But instead of trying to counteract with healthy competition, they use bureaucracy to try to equalise everything!

On the other hand, the GCC needs to start looking at what to replace the oil with!

1:02 am  
Blogger Harsha said...

If VAT comes in, so will property Tax

9:23 am  
Blogger Seabee said...

From their track record the IMF is the last organisation to get advice from!

11:29 am  

Post a Comment

<< Home