History of the United Arab Emirates History of the United Arab Emirates The United Arab Emirates (UAE) is a country on the Arabian Peninsula located on the southeastern coast of the Persian Gulf and the northwestern coast of the Gulf of Oman. The UAE consists of seven emirates and was founded on 2 December 1971 as a federation. Six of the seven emirates (Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain and Fujairah) combined on that date. The seventh, Ras al Khaimah, joined the federation on 10 February 1972. The seven sheikdoms were formerly known as the Trucial States, in reference to the treaty relations established
Taxation in the United Arab Emirates Taxation in the United Arab Emirates The United Arab Emirates is a federation of seven emirates, with autonomous emirate and local governments. The United Arab Emirates does not have any federal income tax. An income tax decree has been enacted by each Emirate, but in practice, the enforcement of these decrees is restricted to foreign banks and to oil companies. The UAE government implemented value added tax (VAT) in the country from January 1, 2018 at a standard rate of 5%. Most of the revenues have been generated from oil sales to other countries. UAE is looking to diversify from