Cross-border shelling has killed at least 70 civilians, including children, rescue workers and journalists
world11 hours ago
Value-added tax (VAT) will not be applicable on the sale and purchase of share transactions conducted by investors in UAE stock markets, said a senior government official.
Khalid Al Bustani, director-general, Federal Tax Authority, pointed out that there would be no tax on profit margins as well.
On Tuesday, Dubai Financial Market saw 451.2 million shares changing hands worth Dh525.2 million. Abu Dhabi Securities Exchange witnessed 62.8 million shares trading worth Dh100.6 million.
As part of the wider Gulf Cooperation Council agreement, the UAE has announced to implement 5 per cent VAT on certain goods and services from January 2018.
The Federal Authority is finalising the executive regulations for VAT, which will offer all inquiries about the tax, Al Bustani was quoted as saying in an interview with Arabic daily Al Bayan.
The executive laws will be published on the authority's website once approved, he said.
In previous statements, Al Bustani confirmed that financial brokerage firms, whose annual revenues reach - or cross - Dh375,000 will be subject to taxation and they will have to register for the VAT.
Younis Haji Al Khoori, undersecretary, Ministry of Finance, earlier said that the ministry is committed to working with the highest levels of transparency and disclosure, and will publish all information related to VAT and taxable supplies once the executive regulation is issued in Official Gazette and published on the ministry's website.
waheedabbas@khaleejtimes.com
Cross-border shelling has killed at least 70 civilians, including children, rescue workers and journalists
world11 hours ago
The hosts dominate with a total of 194 medals including 65 golds with Saudi in second place and Kuwait in third
sports11 hours ago
Residents with any information have been urged to contact the concerned authority
emergencies11 hours ago
Northeastern University in Boston says the action was taken after some protesters resorted to virulent anti-Semitic slurs
world12 hours ago
The church has been built on 4.37 acres of land, and stands opposite the BAPS Hindu temple
uae12 hours ago
A detailed guide on where to apply, the steps involved, and criteria for eligibility
uae13 hours ago
The Emirates called for strengthening the international humanitarian response and providing urgent relief to those in need
mena13 hours ago
Photonics is the study of light and has several applications including LED, VR, holograms, high-speed internet and solar panels among other things
uae13 hours ago