The UAE’s gross domestic product (GDP) is projected to grow by 3.5 per cent in 2023, rising to 3.9 per cent next year, according to UBS estimates.
Analysis
9 per cent corporate tax introduced in June this year ( 2023), following the adoption of a 5 per cent value-added tax (VAT) in 2018 contributes to boosting public finances. These should be seen as the outcome of the country’s plan to gradually reduce dependency on hydrocarbon sector.