UAE and OPEC
The decision by the United Arab Emirates to step away from OPEC marks more than a routine policy shift; it reflects a deeper fracture in the logic that has governed global oil politics for decades.
The United Arab Emirates has begun collecting new “sin” taxes on tobacco products, energy drinks and soft drinks.
Beginning today, tobacco and energy drinks will be taxed at 100 per cent and soft drinks at 50 per cent. Shoppers could be seen stocking up the day before.
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The new tax push comes as the UAE and other oil-rich Gulf nations have struggled with low global energy prices. The UAE will start collecting a 5-per cent value-added tax on certain goods in January.
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All six members of the Gulf Cooperation Council have agreed to begin collecting so-called VAT taxes, though others may begin later than January.
The GCC includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
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