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GCC consumers face whopping 100% tax |
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Thursday, 05 June 2008 14:27 |
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TAXING TIMES: Consumers already reeling under record inflation and nervously looking ahead at the introduction of value added tax (VAT) were dealt a further blow on Tuesday with the news that the GCC plans to introduce a 100% tax on luxury goods.
The move would see the cost of items such as private planes, luxury cars, yachts and "harmful items" such as cigarettes go through the roof.
The introduction of yet another tax in the GCC is sure to unnerve expatriates in the region, who flock to work in places such as Dubai to take advantage of the tax-free salaries on offer and high living standards.
GCC consumers face whopping 100% tax - Politics & Economics - ArabianBusiness.com.
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