November 7 2019

IMF releases Concluding Statement of 2019 Article IV Consultation with United Arab Emirates

Source: IBFD Tax Research Platform News

On 6 November 2019, the International Monetary Fund (IMF) released the Concluding Statement of the 2019 Article IV Consultation with the United Arab Emirates (UAE).

The IMF makes the following tax policy recommendations:

  • strengthening transparent and rules-based fiscal frameworks to ensure sufficient saving of oil wealth for future generations and smoothing of short-term fluctuations; and
  • promoting the growth of the non-oil private sector, including small and medium-sized enterprises (SMEs).

Note: Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. The IMF is also allowed to monitor the exchange rate, monetary and fiscal policies, structural policies, and financial and banking policies of every member country.

Based on these discussions and research, the IMF prepares a report, which is discussed and assessed by its Executive Board.