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UAE ranks top 10 in crucial global competitiveness metrics

Federal Competitiveness and Statistics Centre released the report recently

The UAE has been recently ranked among the top 10 countries in 28 competitiveness indexes associated with tax and finances by the Federal Competitiveness and Statistics Centre (FCSC). FCSC compiled the report by weighing the IMD World Competitiveness Yearbook rankings, the Legatum Prosperity Index, the World Economic Forum’s Travel and Tourism Competitiveness Report, the Global Talent Competitiveness Index and Global Competitiveness Index 4.0.

In the FCSC report, the UAE was ranked first in the Real Personal Taxes Index, the Low Tax Evasion Rate Index, the Lack of Wastefulness in Government Spending Index, the Collected Personal Income Taxes Index, the Collected Indirect Tax Revenues Index and the Best Time to File Tax Returns Index.

It is to note that recently, the annual Agility Emerging Markets Logistics Index ranked the UAE No.1overall as the most competitive emerging market in the GCC. UAE also ranked top on all three individual sub-indices in the region. The nation was ranked globally second globally in corporate tax collection, the actual increase in government expenditures and collection of real estate taxes. It was ranked third in the areas covering intergovernmental transfers, rate of low consumption taxes and local central government debt.

The UAE had adopted value-added tax (VAT) in 2018. It is an indirect tax of five percent on services and products supplied at every phase of the supply chain. Also, in the fourth quarter of 2017, the nation practised an excise tax to discourage the consumption of products that affect health like tobacco, energy drinks and soft drinks.

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