Category: VAT News

Source: ICIS News The planned implementation of the new value added tax (VAT) in the Gulf Cooperation Council (GCC) from 1 January 2018 is expected to have limited immediate impact on the competitiveness of regional refiners, industry sources said at the ICIS Middle East Base Oils conference in Dubai on Monday. The GCC plans to […]

Source: Zawya Saudi Arabia – Article 29 of the unified GCC Value-added Tax law (VAT) provides that the GCC countries have the option to exempt or tax by zero percent some sectors, such as education sector, health sector, real estate sector, transport sector, and oil and petroleum sector, I am not in the process of […]

Source: Lexology As has been widely reported, the GCC countries have agreed accords in relation to the implementation of value added tax (VAT) (GCC VAT Accords). On 23 August 2017, UAE Federal Decree No. 8 of 2017 was published (VAT Law) just a few weeks after the publication of UAE Federal Decree No. 7 of […]

On August 27th, President of the United Arab Emirates, His Highness Sheikh Khalifa bin Zayed Al Nahyan, issued the federal decree law no. 8 of 2017 regulating the value-added tax (VAT). Starting January 2018 and at a standard 5%, the UAE will have one of the lowest VAT rates. All supplies of goods and services […]

The Saudi Arabia Government has approved the final Kingdom of Saudi Arabia VAT Law and published the statute in the official gazette, Um Al Qura Edition 4681, on 28 July 2017. The highlights of the Law are: Effective date of implementation – Article 53 provides that the Law shall be effective from the beginning of the financial year following […]

On January 1, 2018, value-added tax (VAT) will come into effect for the first time in the UAE. Naturally, small businesses are concerned about the financial and operational impacts of VAT compliance, especially since they’re used to operating in a low-tax business environment. While there will be implications for systems, infrastructure, skills and training, there […]