Category: VAT News

Source: The National More than 275,000 UAE businesses have registered for VAT, but tens of thousands have yet to do so and the government plans to crack down on unregistered businesses, said the director general of the Federal Tax Authority. Khalid Al Bustani said on Wednesday, “[275,000] is a good number, however in our opinion […]

Source: CPI Financial The recent introduction of five per cent Value Added Tax (VAT) in the UAE and KSA has not impacted deal flow in the GCC as the tax rate is relatively low compared to global markets. This is despite many companies finding themselves unprepared for the 1 January implementation date and scrambling to […]

Source: Albawaba Business Governments all over the world impose and implement taxes to strengthen their economic development and enable it to be a real competitor among the world’s advanced economies. Value Added Tax (VAT) also known as Goods and Services Tax (GST), is a major source of revenue for governments around the world. When the […]

KhaleejTimes 2018 will see the most number of construction contracts awarded related to Expo 2020, reckons JLL, a real estate consultancy. The value of contracts directly related to Expo 2020 is $6.1 billion. “2018 will be a busy year for contractors who have bagged Expo contracts as they will be in delivery mode. They can […]

Source: Arabian Business The implementation of Value Added Tax (VAT) will generate between 1.3 to 2 percent GDP in the economies of the GCC despite the different speeds at which they will be implemented across its member states, according to Jihad Azour, the International Monetary Fund (IMF) director for the Middle East and Central Asia. […]

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 […]