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DFM, ADX to levy VAT on services

DFM, ADX to levy VAT on services
The Dubai Financial Market said VAT would be levied on the invoice value.

dubai - The two bourses will levy VAT on service and products from January 1, 2018

By Staff Report

Published: Wed 20 Dec 2017, 6:18 PM

Last updated: Wed 20 Dec 2017, 8:19 PM

The two UAE bourses - Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) - will levy value-added tax (VAT) on service and products from January 1, 2018.

The DFM said VAT would be levied on the invoice value.

VAT is being levied in accordance with the UAE Federal Law No.8 of 2017, DFM said, adding that this notification supersedes any contrary terms related to VAT in any agreement entered into with the DFM.

Nirav Shah, director, Fame Advisory, said the DFM will levy VAT on its service charges wherever applicable and this notification would supersede any earlier communication of charges by the authority.

The Abu Dhabi bourse said it would add VAT to the invoice value on services and products.

The UAE, along with Saudi Arabia, will impose five per cent VAT on a host of goods and services in order to expand revenue sources.

- waheedabbas@khaleejtimes.com


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