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DUBAI Jarran Reed Seahawks Jersey , Sept. 27 (Xinhua) -- Director-General of the Federal Tax Authority (FTA) of United Arab Emirates(UAE), Khalid Ali Al-Bustani, said here on Wednesday that the Gulf state will levy excise tax from October 1st.


The move aims to "propel the UAE to the highest ranks on global competitiveness indicators," the official said in a media briefing.


The new tax will be imposed on carbonated drinks by 50 percent Germain Ifedi Seahawks Jersey , and tobacco products by 100 percent and energy drinks by 100 percent.


The tax affects specific "excise" goods that are produced in the UAE, imported into it or stockpiled in the Gulf state, a major oil supplier.


Al-Bustani said the excise tax has been adopted to reduce the consumption of goods that damage people's health.


The Gulf Arab states have introduced a number of taxes and special fees recently in order to partially mitigate the fell in oil revenues.


The price of the "black gold" fell from 110 U.S. dollar per barrel in mid-2014 to 27 dollars in January 2016 before stabilizing at around 50 dollars per barrel where it stands nowadays.


The UAE needs a price of 67 dollars and above in order to reach fiscal break-even.


The six Gulf Arab states of Gulf Cooperation Council(GCC), UAE Tedric Thompson Seahawks Jersey , Saudi Arabia, Kuwait, Bahrain, Qatar and Oman Amara Darboh Seahawks Jersey , will jointly raise five percent value-added tax for the first time from January 1st 2018.


At current oil prices, only the GCC member Kuwait generates a balanced budget, said the IMF.


Due to spending cuts and with the implementation of taxes, the IMF said earlier this year Nazair Jones Seahawks Jersey , the GCC would achieve a current account surplus of 26 billion dollars in 2017 compared to a combined deficit of 28 billion dollars last year.


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