Tax advantages paired with a life of luxury have long drawn foreigners and multinationals to the UAE, which is aiming to remain attractive whether or not it signs up to a global tax initiative. The Group of Seven wealthy powers this month endorsed an "unprecedented" agreement on a global minimum corporate tax targeting major companies seen as not paying enough, especially tech giants. The objective is a minimum tax of at least 15 per cent. UAE officials have yet to issue a statement on the G7 agreement and did not respond to an AFP request for comment. "But even with the envisioned impact of a minimum global corporate tax, the UAE will remain a relatively low-tax environment."

Source: Mint June 13, 2021 03:56 UTC