The government needs to make sure they do not levy the industry with too many extra costs
The government needs to make sure they do not levy the industry with too many extra costs
SME businesses should use the lead in time wisely to prepare for the introduction of VAT
Various tax consultants are working to assist companies to welcome the VAT era
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.
Multinational and foreign companies operating in the UAE will prefer to pay low consumption tax here and avoid higher charges in their home country
The Value Added Tax is set to make its debut in the six-nation GCC block in 2018