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Ras al Khaimah, United Arab Emirates

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About

Ras al Khaimah, United Arab Emirates

Capital
Official languages
Population 
Currency

ISO 4217

Ras Al Khaimah

Arabic

Approximately 250,000

United Arab Emirates Dirham

AED

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Economy

Ras al Khaimah, United Arab Emirates is a rapidly growing economy with a GDP of $14.2 billion in 2019. The economy is driven by a diversified mix of industries, including tourism, manufacturing, and construction. The tourism sector is the largest contributor to the economy, accounting for nearly 40% of GDP. The manufacturing sector is the second largest contributor, accounting for nearly 25% of GDP. The construction sector is the third largest contributor, accounting for nearly 15% of GDP. The government has invested heavily in infrastructure and development projects, which has helped to boost the economy. The unemployment rate in Ras al Khaimah is low, at just 2.2%, and the average monthly salary is around $2,000. The cost of living is relatively low compared to other cities in the region, making it an attractive destination for expats. Overall, Ras al Khaimah is a great place to live and work, with a strong and growing economy.

Taxation

Ras al Khaimah (RAK) is one of the seven emirates that make up the United Arab Emirates (UAE). RAK is a tax-free jurisdiction, and therefore, there is no income tax or corporate tax in RAK.


Individuals in RAK are not required to pay income tax on their salaries or other income. However, there may be some fees or duties for specific services, such as visa fees or customs duties.


Similarly, companies based in RAK are not required to pay corporate tax. However, companies operating in certain sectors, such as oil and gas, may be subject to royalty payments.


Regarding the process of tax payment and calendar for payments, there is no tax payment or filing requirements for individuals or companies in RAK due to the tax-free environment. However, businesses operating in RAK are required to renew their trade licenses and pay associated fees annually.


It's essential to note that RAK is not entirely tax-free, and some specific services and transactions may have fees or duties applied. Therefore, it's always recommended to consult with a tax advisor or legal professional for any tax-related matters in RAK.

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