Both countries will not only promote existing relations in petrochemical, energy and infrastructure but they are keen to explore new avenues and sectors to diversify their economic relations
What is VAT?
It is estimated that the UAE will generate more than Dh12 billion additional revenues in the first year after implementation of this new tax.
GCC countries have decided to implement taxation as part of the governments' efforts to diversify revenues in the context of sharp decline in oil prices. The International Monetary Fund has been recommending fiscal consolidation in the GCC through diversification of government revenues and reduction of subsidies.When will VAT be implemented?
How does it work?
Al Khoury also confirmed that companies whose revenues fall between Dh1.87 million and Dh3.75 million will have the option to register for VAT during the first phase of the VAT implementation.
He also mentioned that it will eventually become obligatory for all companies to be registered under the system, when it is rolled out in the second phase, regardless of the reported revenues.Will everything be taxed?
What will be exempt from the tax?
What will be taxed?
Will VAT be a cost to the business?
Will it affect prices/margins?
Do I need to start preparing for VAT? What should I be doing now?
Why is VAT being considered by the GCC?
President announces new UAE tax procedures law VAT to increase tax jobs in UAE UAE to benefit most in GCC from global trade, tourism rebound A proactive approach to GCC VAT implementation Taking out a mortgage or car loan in UAE? Act soon Bring on the VAT - we're ready, say UAE businesses
Both countries will not only promote existing relations in petrochemical, energy and infrastructure but they are keen to explore new avenues and sectors to diversify their economic relations
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