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flag IMF advises UAE and GCC to diversify economies through new taxes to reduce oil dependence.

flag The IMF has advised the UAE and other GCC countries to diversify their economies by implementing new taxes like property taxes, luxury taxes, and environmental levies. flag These nations have already started broadening their tax base with VAT and excise taxes, with some planning to add income tax. flag The IMF stresses simplifying the tax system to enhance revenue collection and reduce dependence on oil.

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