Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Join the forum, it's quick and easy

Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Inflation in Abu Dhabi jumps in January with the introduction of a new tax

    Rocky
    Rocky
    Rocky
    Admin Assist
    Admin Assist


    Posts : 281148
    Join date : 2012-12-21
    • Post n°1

    Inflation in Abu Dhabi jumps in January with the introduction of a new tax Empty Inflation in Abu Dhabi jumps in January with the introduction of a new tax

    Post by Rocky Wed 07 Mar 2018, 3:34 am

     Inflation in Abu Dhabi jumps in January with the introduction of a new tax



    Inflation in Abu Dhabi jumps in January with the introduction of a new tax 6475



    Economy News _ Baghdad
    Abu Dhabi's consumer price inflation rose more than twice in January as the UAE began to apply a 5 percent value-added tax, although the weakness of the property market prevented inflation from rising further, official data showed on Wednesday.
    Abu Dhabi's Department of Economic Development said annual inflation in the emirate jumped to 4.7 percent, its highest level since 2015, from 2 percent in December.
    The UAE introduced a value-added tax at the beginning of the year to boost public finances in the face of falling oil prices, one of the biggest changes in policy in years. Gulf governments have traditionally kept taxes at the lowest level possible to attract investment and gain public support.
    The Department of Economic Development in Abu Dhabi described the rise in consumer price inflation in January as "completely logical" in light of the new tax.
    But inflation in the UAE capital could have gone much higher had the real estate market weakened.
    Residential rents fell 2.7 percent from a year earlier. Rental and utilities account for 31.2 percent of the consumer price basket, and the fall in these sectors compensates for higher prices for other goods and services.
    Food and beverage prices rose 7.1 percent from a year ago in January, while transport prices rose 13.2 percent after recent increases in gasoline prices.
    In Dubai, annual inflation rose at a slower pace in January to 2.7 percent from 1.5 percent in December, data showed last month.
    However, the drop in rents has had a greater impact on curbing inflation in Dubai, as housing and utilities account for 43.6 percent of the emirate's consumer price basket.
    The UAE has yet to publish inflation data nationwide and is expected to issue it in the coming days or weeks. The IMF forecast annual average inflation in the UAE would rise to 2.9 percent this year from 2.1 percent in 2017.

    • Back to top
      Current date/time is Sat 23 Nov 2024, 9:03 am