Previously, these services required four steps, but now they have been streamlined making the process more efficient and convenient for customers
visa and immigration in uae2 hours ago
The Federal Tax Authority (FTA) has announced the supplies that will be subject to Value Added Tax (VAT) as of January 1, 2018, revealing selected sectors that will be assigned zero-rated tax, such as education, healthcare, oil and gas, transportation and real estate.
Selected supplies in sectors such as transportation, real estate and financial services will be completely exempt from VAT, whereas certain government activities will be outside the scope of the tax system (and, therefore, not subject to tax). These include activities that are solely carried out by the government with no competition with the private sector, activities carried out by non-profit organisations.
The UAE Cabinet is expected to issue a decision to identify the government bodies and non-profit organisations that are not subject to VAT.
In the GCC, the UAE and Saudi Arabia will be the first two countries to launch VAT from January 1 while other countries will follow in the coming years.
The introduction of VAT will help the UAE government to generate an estimated Dh12 billion (around 0.8 per cent of GDP) worth of revenue in the first year, which will increase to Dh20 billion (around 1.2 per cent of GDP) in 2019.
- business@khaleejtimes.com
Previously, these services required four steps, but now they have been streamlined making the process more efficient and convenient for customers
visa and immigration in uae2 hours ago
Sonakshi Sinha, Richa Chadha, Aditi Rao Hydari, and Sharmin Segal share their thoughts on 'Heeramandi', available to stream on Netflix
entertainment2 hours ago
GCC insurers will also benefit from the expansion of compulsory insurance
business3 hours ago
The National Emergency Crisis and Disaster Management Authority on Monday announced its preparedness for the unstable weather conditions
uae3 hours ago
Retailer's share offering oversubscribed 64 times
markets3 hours ago
The UAE and other Gulf markets saw a flurry of IPOs over the past two years
markets4 hours ago
Vital jobs that require working at workplace premises and those of weather condition response teams are exempted from flexible and remote work
uae4 hours ago
The authority announced certain exemptions for employees whose jobs require presence at the workplace
uae4 hours ago