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THE ECONOMY - VAT

VAT will reflect positively on economy: UAE official

Posted on 22/11/2016

Valued-added tax, VAT, to be introduced in the UAE in early 2018, will reflect positively on the economy and the government's financial stability, as the money levied will be used to launch new developmental projects, a senior official said yesterday. "The proposed five percent VAT will be applied to consumption and not on savings or investments. It will not have a significant impact on businesses and financial markets," said Rashid Al Blooshi, CEO of Abu Dhabi Securities Exchange, ADX. He ...  >>MORE

UAE to implement 5 per cent VAT from January 2018

Posted on 25/02/2016

The UAE will implement value added tax (VAT) at the rate of five per cent from January 1, 2018, said Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs. The minister was speaking to reporters after a joint press conference on Wednesday with Christine Lagarde, Managing Director of the International Monetary Fund (IMF), in Dubai. GCC countries have recently agreed that they will introduce VAT at a rate of five per cent in 2018. The framework agreement on the implementation of ...  >>MORE

Implementation of VAT needs careful planning for its success

Posted on 17/01/2016

VAT will allow the GCC economies to increase diversification from their present excessive reliance on oil, a UAE paper has said. In a commentary yesterday, the English language 'Gulf News' said the six nations of the Gulf Cooperation Council (GCC) have all agreed that they want to seek closer economic congruity, even if this has not been a major priority and they have not made this target the defining issue of the GCC. "Nonetheless, there have been notable economic successes as the six nations ...  >>MORE

UAE cost of living: education, 94 food items, healthcare to be exempt from VAT

Posted on 08/12/2015

Key food items, healthcare and education services will be excluded from a proposed Gulf wide value added tax (VAT) scheme, according to Younis Haji Al Khoori, undersecretary of the UAE's Ministry of Finance. The new region wide VAT system, which may come into effect as soon as late 2018, would be one of the first direct taxes in the region, as governments look to shore up revenue streams in the wake of falling oil prices. Gulf finance ministers, who met to discuss the proposed new tax in the ...  >>MORE

Latest developments on VAT and Corporate Tax in the UAE

Posted on 19/08/2015

Following the role of the UAE Ministry of Finance, MoF, in developing and coordinating the country's financial policies, the Ministry has confirmed that the UAE has been conducting a series of studies on the implementation of a draft VAT law, along with the other GCC countries. This is based on a previous agreement between the UAE and all GCC states to impose a VAT tax law simultaneously. The draft law is still pending and under negotiation due to the absence of a final agreement between GCC ...  >>MORE

Value-added tax plan for GCC on backburner

Posted on 19/03/2012

GCC governments are likely to delay plans to roll out a value-added tax (VAT) in the region as the Arab Spring and the financial crisis sap political will for the levy, says a top regional tax expert. The 2015 target date for the introduction of the tax was "optimistic", said Finbarr Sexton, a tax partner at Ernst & Young in the Middle East and North Africa. "We have had the Arab Spring and the global financial crisis, and since [then] most governments are reluctant to introduce tax ...  >>MORE

Introduction of VAT to be delayed until 2010

Posted on 18/08/2008

The introduction of a three per cent value added tax (VAT) in the UAE, widely expected to happen in 2009, will be delayed by one year, according to a senior official at the Federal Customs Authority. Saeed Khalifa Saeed Al Marri, Deputy Director-General of the UAE Federal Customs Authority, was quoted by Bloomberg as saying that replacing import tariffs with VAT might not be possible unless all six GCC countries adopt the system together. "VAT has not yet been approved. The government is ...  >>MORE

No VAT impact on inflation

Posted on 29/06/2008

The introduction of value added tax (VAT) will not affect inflation in the UAE, says Abdul Rahman Saleh, Executive Director of Corporate Support at Dubai Customs. Dubai Customs has carried out a study on the planned implementation of VAT in the GCC. Saleh said VAT would have no effect on the UAE's industrial sector as locally manufactured products are made using equipment and raw materials that were already taxed. "VAT ranging from three to four per cent will replace the current five per ...  >>MORE

UAE leads the way in GCC VAT

Posted on 03/06/2008

The UAE is likely to be the first in the GCC to bring in VAT, which will replace customs duty charged at five per cent. The country will introduce the tax at a rate between three and five per cent, Dubai Customs has announced. The introduction date will be announced by the Federal Government within the next few months. Dubai Customs and the International Monetary Fund have completed a study on the implementation of VAT in the GCC. Dubai began planning for the introduction of the tax as early as ...  >>MORE

UAE to introduce value added tax in first quarter of 2009

Posted on 28/05/2008

The United Arab Emirates is planning to introduce a value added tax (VAT) in the first quarter of 2009 but a final decision on the timing has yet to be made, a senior Dubai customs official said on Monday. "We will be the one to launch it first," Abdul Rahman Al Saleh, Dubai Customs' executive director, said. "We were planning for the last quarter of 2008 but we have put it back to the first quarter of 2009." He said the tax would be "between 2 and 5 percent" — though below 5 per cent — ...  >>MORE

VAT is "Inevitable" boost to UAE's Economy: Dubai Customs

Posted on 18/05/2008

Dubai Customs announced Saturday that implementing VAT in the UAE and GCC region, in general, would have a significant positive impact on strengthening the economy, and raising current living standard. Abdulrahman Al Saleh, executive director of Corporate Support Sector in Dubai Customs, said that the statements of the International Monetary Fund (IMF) about inflation increase by 2 per cent after implementation of VAT in the UAE and GCC "were based on personal speculation, and do not reflect ...  >>MORE

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