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United Arab Emirates Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
6,072,475 (July 2017 est.)GDP (PPP)
$686.8 billion (2017 est.)GDP growth rate
0.5% (2017 est.)Low and slowing from healthy rates of more than 3% in the previous years
GDP (PPP) per capita
$67,700 (2017 est.)Very high
Local currency
Emirati dirham (AED)Pegged to the USD
Financial stability (Public debt)
19.5% of GDP (2017 est.)Low
Inflation
2% (2017 est.)Medium, healthy rate
Language
ArabicPersian, English, Hindi, Urdu
Corruption perception index (Source: Transparency International)
21/180Low level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
5% standard VAT rate and applicable to most goods and services, with some goods and services subject to a 0% rate or an exemption (subject to specific conditions being met).
Corporate Tax
There is no corporate income tax Oil and gas companies might be taxed up to 55%
Duties
Generally, a customs duty of 5% is imposed on the cost, insurance, and freight (CIF) value of imports. Other rates may apply to certain goods, such as alcohol and tobacco, and certain exemptions may also be available.
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