Sheikh Hamdan bin Rashid issues new law.
New decisionis in line with UAE's overall strategy to reduce reliance on cash in financial transactions
Tax has become an important step towards ensuring region's socio-economic resilience
Dh27B paid in 2018, surpassing government target of Dh12B; revenue seen growing more this year
Maximum 20% of pavilion space allowed for commercial activity to claim tax return.
The decision went into effect on January 1, 2019
Any benefit in return for such payments will be subject to VAT.
Taxable persons/companies must apply for this if they fulfill any of the conditions laid down by the law.
The foreign business must not have a place of establishment or fixed establishment in the UAE