UAE Rated World's Best Tax-free System

Source: Bernama, World
Date: March 26, 2008 17:15 PM

UAE Rated World's Best Tax-free System

DUBAI, March 26 (Bernama) -- The United Arab Emirates (UAE) has the world's best tax-free system and is adjudged the least corrupt society in the Arab world, according to the Economic Freedom Index 2008 released by the United States Heritage Foundation.The UAE scored 99.9 points in the fiscal freedom category and 62 points in the freedom from corruption category.Kuwait was on a par with the UAE in terms of fiscal freedom, while the index gave Qatar 99.8 points, 99.7 points each to Saudi Arabia and Bahrain and 98.5 points to Oman.Emirates Business newspaper reported that the Washington-based Heritage Foundation accorded lower points to several other Arab countries, many of which impose heavy taxes due to their relatively low oil resources.They included Morocco with 65.4 points, Yemen (83.2), Jordan (74.8), Algeria (77) and Syria (86.2).In the freedom from corruption category, Qatar received 60 points followed by Bahrain 57 points and Oman 54 points.The newspaper said the UAE ranked 63rd among the 162 countries covered by the index created by the Heritage Foundation and the Wall Street Journal in 1995.-- BERNAMA