The UAE government’s introduction of the Value Added Tax (VAT) aims to diversify its revenue streams, reducing dependency on the oil and gas sector. As VAT is a relatively new concept in the region, both businesses and consumers may find it unfamiliar. Incidents have emerged where businesses, unauthorized for VAT collection, have nevertheless collected it.…
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Value Added Tax (VAT), a consumption tax levied on goods at every supply chain stage, aims to supplement falling oil revenues. It offers GCC (Gulf Co-operation Council) member countries an alternative income source for economic infrastructure investment. VAT was implemented across member nations on 1st January 2018. The UAE, in accordance with this directive, has…
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The introduction of VAT in the UAE, which began on 1st January 2018 at a standard rate of 5% (with some items taxed at 0% or exempted), has significantly impacted its business landscape. This VAT rate was a collective decision by the GCC countries, first embraced by Saudi Arabia, followed by the UAE. Gradually, other…
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By early 2018, GCC nations ventured into a new fiscal realm, introducing a 5% value-added tax (VAT) on businesses. This move aimed to counter disruptions in the business sector and foster a pragmatic approach to organizational transactions. Consequently, businesses interacting with suppliers and dealers now require a VAT certificate. Dubai, known globally as a business…
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