UAE 'surprised and disappointed' over EU blacklisting

Dubai, Dec 7 (AP) The United Arab Emirates says it is "surprised and disappointed" about being blacklisted by the European Union along with 16 other ...

Published: 07th December 2017 08:33 PM  |   Last Updated: 07th December 2017 08:30 PM   |  A+A-

By PTI

Dubai, Dec 7 (AP) The United Arab Emirates says it is "surprised and disappointed" about being blacklisted by the European Union along with 16 other countries the EU deems guilty 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 by October 2018" and that it's "absolutely confident this will ensure the UAE is swiftly removed from the list." The EU announced the list on Wednesday, though penalties still need to be confirmed.

The UAE is a federation of seven sheikhdoms that includes Dubai and the oil-rich capital of Abu Dhabi. Dubai's massive real estate market has attracted both scrupulous and unscrupulous investors.

The UAE is largely tax-free, though value-added taxes will begin in the country on Jan. 1. (AP) CPS .

This is unedited, unformatted feed from the Press Trust of India wire.

Stay up to date on all the latest PTI NEWS news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)
facebook twitter whatsapp