UAE became the leader in ratings of global competitiveness
The result of such indicators is the achievement of the goals of the UAE government, identified in the initiative “Project number 1” for 2017, as well as compliance with the overall strategy of the Ministry of Finance to improve the country’s competitiveness at the global level.
According to the report of the World Bank Group for 2017, the UAE ranks first in such indicators as “Simplicity of payment of taxes” and “Ease of doing business”. In the report on competitiveness in tourism and travel for 2017, the country was the first in terms of indicators of “The absence of influence of taxation at incentives for investment” and “Low tax rate (% of profit).”
According to the Global Innovation Index of the International Business School INSEAD, the UAE is in the first position in terms of the ease of paying taxes. In addition, the UAE is at the top in terms of the scale and effectiveness of taxation according to the Global Competitiveness Index of INSEAD talents.
The UAE finance minister said that these achievements were the result of a government policy whose goal is to improve the work of the government in the sphere of finance and develop an effective, fiscal and monetary policy aimed at strengthening the country’s economic and financial structures and ensuring its further prosperity. He also noted that these achievements, as well as the first lines of ratings are the pride of the whole country and its people.
The minister stressed that international organizations demonstrate great confidence in the government of the UAE. This recognition proves the success of the Ministry’s efforts aimed at improving administrative structures, as well as fiscal and monetary policy of the state in accordance with the highest international standards. These efforts will also ensure being the country on the first lines of various indicators of global competitiveness in the future, which will help consolidate the status of the world leader for the UAE.
The minister also highly appreciated the efforts of all federal and local government bodies, and their close interaction with the Ministry of Finance with the aim of coordinating and harmonizing financial policies, as well as working towards a common vision in this area.
The country’s first places in 11 global competitiveness rankings correspond to the initiative of the Ministry of Finance, formed to improve the country’s position in various international ratings.
These tasks were carried out within the framework of the implementation of the goals of the UAE strategy for 2021, aimed at entering the UAE to the top of the best countries in the world to the 50th anniversary of the state.