There’s been talk in hushed tones about taxes being introduced in the UAE but nobody really knows what’s going on. The Gulf Cooperative Council has finally shed some light on the situation. The UAE has no plans to introduce taxes on individuals and governmental services. This hopes to boost revenues due to our low oil price. The finance ministry official, Younis Al Khouri said that the ministry is still studying the potential social and economic impact and the issue is being discussed at the cabinet as part of a new comprehensive taxation system. However, there are talks that the UAE will be the first in the Gulf to implement a 5 per cent VAT system, expected to start in January 2018. Watch this space!