Dubai, Dec 7 (AP) The United Arab Emirates says it is"surprised and disappointed" about being blacklisted by theEuropean Union along with 16 other countries the EU deemsguilty of unfairly offering tax avoidance schemes.
The UAE said in a statement on Thursday that it's"committed to a reform process which will be finalized byOctober 2018" and that it's "absolutely confident this willensure the UAE is swiftly removed from the list."The EU announced the list on Wednesday, though penaltiesstill need to be confirmed.
The UAE is a federation of seven sheikhdoms that includesDubai and the oil-rich capital of Abu Dhabi. Dubai's massivereal estate market has attracted both scrupulous andunscrupulous investors.
The UAE is largely tax-free, though value-added taxeswill begin in the country on Jan. 1. (AP)CPS.
This is unedited, unformatted feed from the Press Trust of India wire.