Crypto friendly UAE bank
- Thread starter Cryptohodler
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As far as I know it's not lost at all.. It's normal that GCC countries are trying to move from Oil revenue to something else such as businesses and finance, but still they have some amazing advantages and lower costs compared to other EU countries.
In any case, there is Bahrain with 0 everything except VAT, yes they increased the vat recently from 0 to 10, but in the long run smaller countries will handle this shift better.
In any case, there is Bahrain with 0 everything except VAT, yes they increased the vat recently from 0 to 10, but in the long run smaller countries will handle this shift better.
Super nice unreflected mixed up post.
There is at NO point coming a Personal Income Tax - this would fail the whole efforts of the UAE with all the several Visa Types attracting foreign investors to establish a 0% Tax Residence.
Further - Freezone Companies (FZCO's) remain 0% Corporate Tax as long as they don't have any Mainland sourced income.
Looking at your other posts it seems you have a very dramatic way to express your thoughts 🙂
PS: Oman MAYBE is introducing Personal Income Tax as the︀ economy struggles since long:
Oman may Introduce Personal Income Tax for Nationals and Expats.
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It is expected that personal︁ income tax in the range of 5-9% will be introduced but with important distinctions between︂ foreign and Omani nationals. Foreign nationals would be subject to a personal income tax rate︃ between 5-9%, likely on Oman-sourced income above a threshold of $100,000, whilst Omanis would be︄ subject to 5% tax on their net global income above $1,000,000. This would impact most︅ professional expatriate staff.
FURTHER
It is unlikely that the larger Gulf countries will implement personal︆ income tax by 2030. In the UAE, an income tax is “not at the table︇ at all now,” Minister of state for foreign trade Thani Al Zeyoudi told Bloomberg in February 2022 following an announcement that the country will start levying a 9% corporate tax︈ in 2023.
---quote end---
There is at NO point coming a Personal Income Tax - this would fail the whole efforts of the UAE with all the several Visa Types attracting foreign investors to establish a 0% Tax Residence.
Further - Freezone Companies (FZCO's) remain 0% Corporate Tax as long as they don't have any Mainland sourced income.
Looking at your other posts it seems you have a very dramatic way to express your thoughts 🙂
PS: Oman MAYBE is introducing Personal Income Tax as the︀ economy struggles since long:
Oman may Introduce Personal Income Tax for Nationals and Expats.
---quote start---
Oman Personal Income Tax - Nationals and Foreigners
It is expected that personal︁ income tax in the range of 5-9% will be introduced but with important distinctions between︂ foreign and Omani nationals. Foreign nationals would be subject to a personal income tax rate︃ between 5-9%, likely on Oman-sourced income above a threshold of $100,000, whilst Omanis would be︄ subject to 5% tax on their net global income above $1,000,000. This would impact most︅ professional expatriate staff.
FURTHER
It is unlikely that the larger Gulf countries will implement personal︆ income tax by 2030. In the UAE, an income tax is “not at the table︇ at all now,” Minister of state for foreign trade Thani Al Zeyoudi told Bloomberg in February 2022 following an announcement that the country will start levying a 9% corporate tax︈ in 2023.
---quote end---
Wrong - "qualifying" Freezone Companies remain Corporate Tax exempt and the Freezone Company benefits will be honoured.
"Qualifying" means in this context that the Freezone Company doesn't have any Mainland sourced income which would be the taxable at 9% CT.
It's basically mentioned in every news article I have seen so far.
Hands down they have anyway no other choice as in the back in the days (2004) degrees of︀ the Freezone Laws a certain timeframe (50 years) has guaranteed tax freedom - should this︁ change they would be liar.
"Qualifying" means in this context that the Freezone Company doesn't have any Mainland sourced income which would be the taxable at 9% CT.
It's basically mentioned in every news article I have seen so far.
Hands down they have anyway no other choice as in the back in the days (2004) degrees of︀ the Freezone Laws a certain timeframe (50 years) has guaranteed tax freedom - should this︁ change they would be liar.
Actually no not correct - the term 'qualifying' has not︀ yet been defined as per the most recent paper published on the laws, and yes︁ while I agree that it will most probably be this, the recent publication is different︂ to the first consultation paper that said Free zones will remain exempt as long as︃ they dont deal with mainland. So the details remain to be defined.
I agree they︄ all said about the 50 years tax free so you would like to think they︅ stick to this point.
I agree they︄ all said about the 50 years tax free so you would like to think they︅ stick to this point.
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