27 July 2016
The United Arab Emirates (UAE) will implement VAT at a rate of 5% from 1 January 2018. The VAT registration threshold for all businesses has been confirmed at AED 3,750m.
This will be levied on most goods and services however there will be exemptions on essential items such as foodstuffs and health & social care services.
The UAE is part of the six-country Gulf Cooperation Council (“GCC”) and all of these countries have agreed to implement a harmonized VAT regime by 2018. The GCC countries consist of Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.
LATEST NEWS
Lithuanian reduced VAT rate changes
The Lithuanian Ministry of Finance confirmed that it will: Increase the reduced VAT rate of 9% to 12% affecting such services as domestic passenger transport...
SEE MORE
LATEST NEWS
Gibraltar to introduce a 15% sales tax
As a result of a post-Brexit agreement between the UK and Spain, the British overseas territory of Gibraltar will introduce a 15% sales tax by 2028. Post...
SEE MORE
LATEST NEWS
Philippines delays implementation of VAT on e-services...
The Bureau of Internal Revenue (BIR) delayed the introduction of VAT on supplies of digital services by foreign providers to local consumers to 1 July...
SEE MORE