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UAE 'surprised and disappointed' over EU blacklisting

AP  |  Dubai 

The United Arab Emirates says it is "surprised and disappointed" about being blacklisted by the European Union along with 16 other countries the deems guilty of unfairly offering avoidance schemes.

The said in a statement on Thursday that it's "committed to a reform process which will be finalized by October 2018" and that it's "absolutely confident this will ensure the is swiftly removed from the list."

The announced the list on Wednesday, though penalties still need to be confirmed.

The is a federation of seven sheikhdoms that includes and the oil-of Dubai's massive real estate market has attracted both scrupulous and unscrupulous investors.

The UAE is largely tax-free, though value-added taxes will begin in the country on Jan. 1.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 07 2017. 20:30 IST