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The UAE expects to issue laws on value-added tax (VAT) and excise tax in the third quarter (July to September) of this year, and to issue regulations covering implementation of those laws in the fourth quarter, a senior UAE official said on Tuesday.
Khalid Ali Al Bustani, director-general of the Federal Tax Authority, was briefing reporters before the country introduces some of the biggest changes to its tax system in decades.
5 VAT guidelines to remember
Along with the other countries in the GCC, the UAE plans to introduce VAT at a 5 per cent rate in January next year.
The government, its oil revenues pressured by low energy prices, also plans to introduce excise taxes at rates of 100 per cent for tobacco and energy drinks and 50 per cent for other sugary soft drinks.
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