As previously suggested, the UAE Cabinet has now formally approved plans to implement a VAT refund scheme for tourists.
Tag - UAE
It has been announced that all UAE companies and individuals who raise tax invoices in a currency other than the UAE dirham will have to use the exchange rates approved by the Central Bank as on the date of supply.
The UAE government announced on May 13th 2018 that foreign firms operating in the exhibitions and conferences sector will be entitled to a refund of the 5% VAT they incur.
The United Arab Emirates (UAE) Cabinet has announced that it will exempt gold, diamonds and other precious metals from VAT in a move that is expected and hoped to ease the pressure on gold and diamond traders in the country.
In comments made regarding the first 100 days of VAT in the UAE, Khalid Al Bustani, Director General of the Federal Tax Authority (FTA), has revealed that virtually 100% of companies in the UAE that were obliged to pay VAT have registered to do so.
The UAE's Federal Tax Authority (FTA) has announced that it will waive late registration penalties for businesses that have not yet registered for VAT, on the condition that they do so by April 30th of this year.
Following the introduction of VAT on January 1st 2018, the Federal Tax Authority (FTA) in the UAE have provided an outline with regard to VAT refunds for business visitors. Initial indications are that the system will closely mirror the VAT refund mechanism utilised within the European Union.
This week we are able to bring you three updates from the United Arab Emirates relating to the VAT system which came into force on January 1st 2018.
Regulations released by the Federal Tax Authority (FTA) state that tourists to the UAE will be able to claim back the VAT paid on purchases they make while visiting the UAE, except residents of the Gulf Co-Operation Council (GCC) countries and airline crew members.
The United Arab Emirates released Regulations setting out key elements of the rules surrounding value-added tax, which will be implemented from January 1, 2018.
According to the Ministry of Finance, the Regulations set out administrative rules, such as the requirement to register and voluntary registration; related parties; conditions to be met to register a tax group and appointing a representative member; deregistration; exceptions from the requirement to register; transitional registration rules; and the rules surrounding reregistration.
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