The International Monetary Fund (IMF) has backed plans to raise taxes in the UAE on retail sales and company profits. The IMF also believes the government needs to reviews its spending habits over the forth coming years. Masood Ahmed, IMF's Middle East director, told ARN News Centre taxes will help plug the gap left by lower oil prices in government finances.Some UAE residents are opposed to higher taxes, saying the cost of living is already high and that people and companies will leave the country if taxes are increased. But Ahmed says that even after a small tax increase, the UAE's overall tax rate will remain one of the lowest in the world. The UAE Ministry of Finance said this summer that it is drafting new tax legislation, but gave no details on the likely timeframe or tax rates.
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