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.
Tag - UAE
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.
Further to previous bulletins the new law on VAT in the UAE was issued by President Al Nahyan on August 27th 2017. It will be introduced on January 1st 2018 at a standard rate of 5% although there will be exemptions such as financial services, land and passenger transport
A new law detailing tax procedures in the UAE has been issued by the country’s President. The federal law for Tax Procedures sets the foundation for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA), official news agency WAM reported.
The United Arab Emirates' Ministry of Finance has confirmed that residential property will be exempt from the Gulf Cooperation Council (GCC) VAT when it comes into force in January 2018, but that a 5% will apply on sales or leases of commercial property.
The Dubai World Trade Centre (DWTC) was home to more than a hundred events last year. A million people plus attended, generating economic activity worth more than Dh12 billion.
As previously reported the six-nation Gulf Cooperation Council (GCC) bloc - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia & UAE - will implement a VAT rate of 5% from January 1st 2018...
Further to the planned implementation of VAT on 1st January 2018, as previously discussed, the United Arab Emirate Ministry of Finance has announced that a zero rate of VAT will be applied to both education and healthcare services...
The UAE will close down a business for 72 hours and impose a severe financial penalty for value added tax evasion, according to tax consultants who attended a VAT briefing by the Ministry of Finance (MoF)...
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