00:00The UAE is getting ready to tax more items after the country rolled out excise tax in
00:06late 2017 and then value-added tax, VAT, in 2018.
00:11That's right, get ready for a fresh round of taxes.
00:14The ministry did not elaborate on when any new taxes may be rolled out and the study
00:18is still happening now with Saudi Arabia.
00:20If you've been buying cigarettes or energy drinks in the UAE, however, you've probably
00:23noticed that their prices doubled in October 2017 following the implementation of a 100%
00:29excise rate on them.
00:30For carbonated drinks, the tax rate was at 50%.
00:33Experts say it is still unclear what exactly else may be taxed, but around the world, in
00:38Muslim countries, for example, a sin tax or the so-called sin tax, which is the excise
00:42tax, tends to be rolled out on alcohol and pork, and globally, sugary items tend to be
00:47taxed as they are seen as unhealthy and contributing to an unhealthy lifestyle.
00:51In other regional news, Saudi Aramco was the most profitable company in 2018 with a net
00:57income of $111 billion.
00:59That is more than the combined profits of Apple and Samsung.
01:03Both Moody's and Fitch, the ratings agencies, gave Saudi Aramco's debt their fifth-highest
01:08investment grade level.
01:09The credit ratings offer insight into the financials of the Saudi giant for the first
01:13time ever as the company prepares to both issue debt and publicly list shares.
01:18For more details on these stories and more, please do check us out at gulfnews.com forward
01:22slash business.
01:23This has been the Daily Business Wrap.
01:25Thank you so much for watching.
01:27We'll see you next time.
01:28Bye.
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