31 August 2017
The United Arab Emirates (UAE) has now published its Value Added Tax (VAT) law confirming that it will be implementing VAT at a rate of 5% from 1 January 2018.
The VAT registration threshold for all businesses has also been confirmed at Dh 375,000 (Approx. US$ 100,000).
The new tax 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 harmonised VAT regime by 2018. The GCC countries consist of Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.
LATEST NEWS
Switzerland’s new rules for platforms from 1 January...
Switzerland’s Federal Tax Administration will impose “deemed supplier rules” from 1 January 2025 on digital platforms (such as Amazon) to charge, collect...
SEE MORE
LATEST NEWS
Romania extends electronic invoicing to “business to...
Romania has announced that it will extend its electronic invoicing regime (eFactura) to business-to-consumer (B2C) transactions for both VAT-registered...
SEE MORE
LATEST NEWS
VAT Gap Report - 2022 estimate of lost EU VAT shows...
According to the annual VAT Gap report, an estimated €89 billion in VAT revenue was lost within the European Union (EU) due to non-compliance or...
SEE MORE