30 March 2017
The United Arab Emirates (UAE) confirmed 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 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 harmonized VAT regime by 2018. The GCC countries consist of Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.
LATEST NEWS
Update: Foreign providers selling digital services B2C...
From 1 October 2024, the Peruvian tax authority will introduce VAT at 18% on the sale of digital services by non-resident providers to local consumers. Peru...
SEE MORE
LATEST NEWS
UK to launch public consultation on electronic...
During September the UK unveiled a package of reforms that includes launching a consultation on how HMRC can support the introduction of electronic invoicing...
SEE MORE
LATEST NEWS
Swiss government propose an increase to the standard...
The Swiss tax authorities are now proposing to increase the standard VAT rate in the country from 8.1% to 8.8%. This proposal is being put forward to cover...
SEE MORE