Page 391 - Ministry of Economy - December 2017

12/25/2017 UAE - economic, tourist and commercial capital of 2 billion people -
consumption of products that negatively impact the environment
and, more importantly, people’s health, while the revenues it
generates will go towards supporting advanced services for all
members of society.”

The new legislation requires Excise Tax to be imposed on certain
activities around speci c “Excise Goods”, activities such as the
production or importation of Excise Goods in the UAE, as well as the
stockpiling of Excise Goods in the UAE, where these activities are in
the course of doing business.

Initial estimates suggest that the tax will generate up to around AED7
billion in annual revenues for the Federal Budget.

VAT Registration

On-line registration for Value-Added Tax purposes for businesses
began in September.

In the key oil and gas sector of the economy, the most signi cant
development of the year was the announcement that the Abu Dhabi
National Oil Company, Adnoc, was to list a minority stake in its
subsidiary, Adnoc Distribution, on the Abu Dhabi Securities Exchange.

Announcing the step at the 2017 Abu Dhabi International Petroleum
Exhibition and Conference, ADIPEC, in early November, Dr. Sultan bin
Ahmad Sultan Al Jaber, Minister of State and CEO of the Adnoc Group,
said that, “The planned IPO, to be listed on the Abu Dhabi Securities
Exchange, will o er both UAE and international investors an
unprecedented opportunity to invest alongside Adnoc in one of the
region’s leading retail brands.”

Adnoc, which underwent a major re-structuring and re-branding
exercise during the year, will continue to remain wholly owned by the
Government of Abu Dhabi.

At an international level, the UAE has continued to perform well
against its competitors. In the latest World Competitiveness Ranking

of 63 countries by the IMD World Competitiveness Centre, issued in
May 2017, the UAE rose to 10th place, making it the only Arab
country to nd a place among the super league of the global top
nations.

In the most recent edition of the Global Competitiveness Report
2017-2018, issued by the World Economic Forum, the UAE topped the

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