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(Bloomberg) The United Arab Emirates is planning to introduce federal tax on corporate earnings for the first time, scrapping the levy-free regime that’s helped make it a magnet for businesses from across the world.

Al qahirahSaudi arabiaUnited arab emiratesTarek fadlallahIzzat dajaniMohamed abu bashaFinancial action taskGoldman sachsImcapital partners ltdThousands of companiesGulf cooperation councilMiddle eastParis based financial action task forceNomura asset management