SME businesses should use the lead in time wisely to prepare for the introduction of VAT
VAT-exempt status could also put remittance houses at disadvantage
UAE will hold workshops to prepare businesses for the new tax system.
The new tax will be charged on items such as electronics, smartphones, cars, jewellery, watches, eating out and entertainments, among others.
The UAE's Ministry of Finance has yet to issue specific guidance in relation to VAT on residential and commercial property.