The incident happened shortly after jury selection for the hush-money trial was completed
Girish Chand, director, MCA Management Consultants, confirmed that VAT would be levied on bottled water as well as on the electricity and water bills.
The Dubai Electricity and Water Authority (Dewa) on Wednesday said that with effect from January 1, 2018, the residents' consumption bills will reflect five per cent VAT in compliance with the Value Added Tax (VAT) Law 8/2017 and its Executive Regulations.
However, VAT is not applicable in respect of housing fee, sewerage fee, and irrigation fee, collected by Dewa on behalf of Dubai Municipality. Knowledge fee and Innovation fee are also exempted from VAT, the utility said on its website.
The Federal Electricity and Water Authority (Fewa) in the UAE said VAT would also be levied on the consumers' bills, especially electricity bills, effective from January 1, 2018.
In addition, food items will also be subject to five per cent VAT. According to Euromonitor International figures, the UAE residents are expected to spend about Dh103.11 billion on F&B in 2017.
Analysts believe that VAT will not have a big impact on the cost of living in the country as the rate is one of the lowest in the world.
Among other countries around the globe, Denmark has placed VAT at 25 per cent, Morocco at 20 per cent, Tunisia at 18 per cent, Algeria at 17 per cent and Jordan at 16 per cent.
The introduction of VAT will help the UAE government to generate an estimated Dh12 billion worth of revenue in the first year, which will increase to Dh20 billion in 2019.
The UAE and Saudi Arabia will implement VAT from 7am on January 1 under the framework agreed among the GCC countries. While Oman and Kuwait have decided to postpone it till 2019.
The introduction of VAT will help the UAE government to generate an estimated Dh12 billion worth of revenue in the first year, which will increase to Dh20 billion in 2019.
waheedabbas@khaleejtimes.com
The incident happened shortly after jury selection for the hush-money trial was completed
MS Dhoni's cameo in vain as five-time champions dealt thrid loss but hold on to third place in the standings
Roads and Transport Authority has been working round the clock to carry out maintenance work
Through this collaboration, Partisia Blockchain Foundation is set to discover and support the next generation of Web3 innovators
Jassim Mohammed Al Budaiwi reiterated the GCC's firm position supporting Palestinian people's right to self-determination and establishment of an independent state
As part of Operation Chivalrous Knight 3, food, shelter tents, and basic supplies were provided to Palestinian families
The South African is tied with Denmark’s Nicolai Kristensen at the halfway stage of the tournament
The neighbourhood around the consulate was closed after the 60-year-old entered the premises, claiming to be armed with an explosive vest