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The UAE will need to introduce some radical incentive programmes if it is to succeed in staving off a VAT increase in the short term, says leading accountancy body ICAEW.
As the UAE races ahead to develop its digital and green economies, the country faces significant challenges to stimulate and support internal demand, while remaining attractive to foreign investors.
However, ICAEW sees potential for increased development of the UAE’s digital and green economies to leapfrog more mature markets.
“How quickly the country realizes its post-oil future will be the true test,” says Michael Armstrong, FCA and ICAEW Regional Director MEASA.