Five significant international organizations that excel in measuring competitiveness have scored the UAE among the top ten countries in the world in 28 financial and tax competitiveness indexes.

The Federal Competitiveness and Statistics Centre (FCSC) outlined this in a survey that recorded the rankings of the IMD World Competitiveness Yearbook, the Legatum Prosperity Index, the World Economic Forum's Travel and Tourism Competitiveness Report, the Global Talent Competitiveness Index (GTCI), and the Global Competitiveness Index 4.0.

The UAE was listed first for the Real Personal Taxes Index, the Collected Personal Income Taxes Index, the Low Tax Evasion Rate Index, the Collected Indirect Tax Revenues Index, the Lack of Wastefulness in Government Spending Index, and the Best Time to File Tax Returns Index, according to the survey.

The UAE was also ranked as the second globally in corporate tax collection, actual rise in government spending, and gathering of capital and real estate income, while ranked third in intergovernmental payments, local central governmental debt, and low sales tax rate.

The UAE implemented the value-added tax (VAT) in January 2018, which is also an indirect tax of 5% on certain goods and services provided at all stages of the supply chain.

In the fourth quarter of 2017, the nation has enacted an excise tax to prohibit the sale of health-harming drugs such as cigarettes, energy drinks, and soft drinks.

The UAE has entered the top ten countries in terms of business competition in finance and taxation, owing to its strategy of not imposing any income taxes and simply focusing on indirect taxes such as VAT and excise tax.

Although several countries expect to raise taxes on personal income and companies, the UAE ranked first in the world because of the absence of actual personal taxes and low rates of tax avoidance, making it appealing to foreign direct investments.

The World Economic Forum (WEF) listed the UAE third globally owing to its poor sales tax rates, and fifth globally owing to the low effect of taxes on job incentives in its 2020 survey. According to the Legatum Prosperity Index, the country was ranked 8th worldwide for the effect of taxes on investments and seventh for venture capital supply.

A new pandemic of the virus is happening, but it is not affecting all emerging economies similarly. According to Bloomberg Economics' list of 75 economies, the Gulf Cooperation Council (GCC) and East Asia surpass the rest of the Middle East, Central and Eastern Europe, and Latin America. The GCC (Saudi Arabia, the UAE, and Qatar) and Asia (South Korea, China, and Taiwan) are surpassing the rest of the world. The pandemic is wreaking havoc on the rest of the Middle East, Central and Eastern Europe, and Latin America.

Saudi Arabia, the UAE, and Qatar have all risen to the top of the rankings, with the Kingdom of Saudi Arabia listed first and the UAE placing third with the highest vaccination rate in the world.

According to Ziad Daoud, Bloomberg Economics' Chief Emerging Markets Economist, the GCC has climbed to the forefront of the ratings during the last 30 days, in part because vaccination coverage is some of the best in the world. He adds, "In addition, amid a recent lull coinciding with the Muslim fasting month of Ramadan, activity is similar to pre-virus rates."

South Korea's, China's, and Taiwan's economies have regularly ranked strong on Bloomberg's scoring system. Because of their early viral management and adequate policy scope, they have seen a strong revival from the pandemic. Bangladesh has also risen in the charts, owing to an increase in mobility.

Bloomberg Economics' ranking takes into account a variety of social factors, such as Covid-19 case levels and deaths, vaccine development, economic activity mobility, and policy room, to determine which countries are indeed successfully controlling Covid-19 cases while causing minimal disruption to their lifestyle or economy. This data is used to determine overall results, which rank countries based on flu deaths and vaccine doses, and taking a basic average of those two measures.

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