Milkshakes could escape new charges on unhealthy products but even nicotine-free e-cigarette liquids will face taxes.
The UAE is expanding the scope of taxes, first introduced in 2017, which are designed to persuade people to lead healthier lives.
Initially applying to cigarettes, sugary fizzy drinks and energy drinks, the taxes will now also apply to non-fizzy drinks with added sugar, e-cigarettes and vape liquids from January.
Under guidance issued to businesses by the Federal Tax Authority (FTA), it is revealed that ready to drink beverages "containing at least 75 per cent milk or milk substitutes" would be among a small number of products exempt from the new charges. Baby formula, medical products and those designed for special dietary needs will also not be subject to the taxes.
However, all liquids in e-cigarettes, the battery-powered devices themselves, and similar smoking-related substitute products will be charged, even if they contain no nicotine. Some users of e-cigarettes attempt to gradually reduce the nicotine content of the liquids, until they reach zero.
The safety of e-cigarettes, the sale of which was legalised earlier this year, have divided experts. Some see them as a far less unhealthy alternative to cigarettes, but others believe they could fuel addiction and warn that health implications are uncertain. Yesterday, it emerged that a patient died in the United States after developing a lung condition linked to vaping - the first known case where a death had been directly tied to e-cigarettes.
Businesses selling relevant products have been urged to make sure they are familiar with the new system, with a new registration system having recently been introduced.
Juices and drinks containing added sugar and sweeteners will be subject to a 50 per cent tax, with smoking-related products facing a 100 per cent charge.
Khalid Ali Al Bustani, the FTA Director-General, said the existing policies had been supported by businesses and health professions.
"Excise Tax has been positively received by local, regional, and international stakeholders,"he said. "A recent report by the World Health Organisation Regional Office for the Eastern Mediterranean lauded the UAE for its efforts in combatting smoking by imposing Excise Tax on tobacco products, leading to a decline in local consumption of these and other harmful products covered by the tax.
"This points to the success of the UAE’s policies to reduce consumption of goods that negatively impact human health or the environment."
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Borussia Dortmund v Schalke (4.30pm)
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More than 2.2 million Indian tourists arrived in UAE in 2023
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Umm Al Emarat Park
Yas Gateway Park
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Mushrif Park
Safa Park
Al Mamzar Beach Park
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The UAE volunteers campaign can be reached at www.volunteers.ae , or by calling 800-VOLAE (80086523), or emailing info@volunteers.ae.
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Call the hotline on 0502955999 or send "thenational" to the following numbers:
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
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• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
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• For more information visit the library network's website.
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
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Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
