Following on from a previous bulletin, further details have been released by the UAE’s Federal Tax Authority (FTA) regarding the VAT refund scheme for tourists. The FTA has confirmed the scheme will be implemented in November 2018.
Tag - UAE
The Federal Tax Authority (FTA) in the UAE has issued a clarification on what constitutes entertainment expenses for employees and non-employees and, if it is deemed to be so, the VAT will be non-recoverable.
As previously suggested, the UAE Cabinet has now formally approved plans to implement a VAT refund scheme for tourists.
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.
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