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Thursday, June 1, 2023

Dubai offcuts 30% tax on alcohol

Recently, Dubai has offcut a cumulative tax of 30% on alcohol. It also reduced the license fee that was required to buy alcohol in the center of most areas of Dubai. The commercial and tourism hubs are the two prime retailers where people previously needed to pay the license fee to buy alcohol. 

The step has been taken to elevate Dubai tourism and attract emigrant residents by offering a liberal lifestyle, unlike any other Gulf city.

The alteration came into effect on Sunday with a trial period of one year. MMI, one of two major purveyors of alcohol in Dubai, mentioned in a post on Instagram that people can now easily buy their favorite alcohol at a lower price and without any hassle. 

The reduction of the prices of alcohol across the emirate will also boost the economy. However, the African+Eastern announced that the tax had been removed, but their prices will still bear a 5% value-added tax (VAT).

The economy of Dubai is taking tiny steps towards the recovery from the blow of the COVID-19 pandemic. The GDP of Dubai was at 4.6% in the year 2022. 

Although the United Arab Emirates will not impose an income tax, it will soon come up with a 9% corporate tax possibility from the month of June. From which the profits will exceed 375,000 dirhams ($102,100).

The Readers Time
The Readers Timehttps://thereaderstime.com/
We conduct our own research based on raw data analysis and understanding, and then incorporate that knowledge into the Readers Time editorial. Our content is not based on secondary sources only; rather it is the result of self-conducted research on the facts and figures. Each piece of information is categorized according to a variety of categories, such as news, facts, lifestyle, product reviews, travel, health, food, and technology.We write to convey the actual dimensions of any situation, fact, or category, blending emotion, interaction, philosophy, thoughts, and real-world facts.

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