VAT

Myths and misconceptions surrounding VAT

Dubai - Muslimchronicle

With the onset of the New Year, a five per cent levy on most goods and services was introduced in the UAE in the form of Value-Added Tax (VAT). While marketers took advantage of this opportunity to sell goods and services in abundance, customers had no idea that a product or service purchased in 2017, but delivered in 2018 wasRead more

Oman postpones implementation of Value-Added Taxes

Oman - Muslimchronicle

Value-added tax (VAT) will be implemented in Oman in 2019, the country has announced. Unconfirmed reports revealed that Kuwait might also follow suit. Gulf Cooperation Council (GCC) countries are expected to start applying the five-percent VAT in the beginning of January 2018, as part of the Unified VAT Agreement for the Cooperation Council for the Arab States of the GulfRead more

Saudi Arabia approves the Citizen’s Account policy

Riyadh - Muslimchronicle

The Saudi council of ministers has today approved details of the Citizen’s Account (CA) policy and confirmed the first payment will be made to eligible Saudi households on December 21, 2017. The Citizen’s Account is a national cash transfer program that was first announced by the Government in December 2016 and opened for registrations in February 2017. It aims toRead more

Dubai diamond chief warns VAT will lead

Dubai - Muslimchronicle

The introduction of value added tax could lead to an “exodus” of firms in the gold and diamond industry from the UAE, Ahmed Bin Sulayem, executive chairman of the Dubai free zone where those businesses are based, warned yesterday. In a strongly worded message to the Dubai Diamond Conference, Bin Sulayem urged the UAE federal tax authorities to think againRead more

Benefits of voluntary registration, especially for small businesses

London - Muslimchronicle

From 1 January 2018, any business operating in the Gulf Cooperation Council (GCC) group of nations that earns revenue of Dhs 375,000 or more, will be legally required to register as a value-added tax (VAT) vendor. The new VAT law has come as a shock to many businesses – especially small enterprises – who are accustomed to operating in aRead more

Gulf states say goodbye

Dubai - Muslimchronicle

Hard hit by a drop in oil income, energy-rich Gulf states will next year introduce value-added tax to a region long known for being tax-free. Some have hailed introducing VAT as the start of “exciting, dramatic” change in the region, but the measure is also expected to push prices up for all residents including citizens and low-income workers. On Sunday,Read more

Dubai Chamber hosts workshop on VAT compliance

Dubai - WAM

The Dubai Chamber of Commerce and Industry has organised a workshop in cooperation with the UAE’s Federal Tax Authority, FTA, which aimed to familiarise importers and exporters in Dubai with the forthcoming value-added tax, VAT, as well as mandatory registration procedures associated with the new tax. The event is part of the second phase of the joint effort by theRead more

SCCI holds workshop on VAT procedures

Sharjah - Musimchronicle

The Sharjah Chamber of Commerce and Industry, SCCI, in cooperation with the Federal Tax Authority, has organised an awareness workshop on new developments in the tax system in the UAE, mechanisms for applying value-added tax, VAT, procedures for registering at the Federal Tax Authority, and the entailed commitments, auditing and paperwork for importers and exporters. The workshop, which was hostedRead more

Abu Dhabi Chamber, Federal Tax Authority organise second workshop on VAT

Abu Dhabi - Musimchronicle

The Abu Dhabi Chamber of Commerce and Industry, in co-operation with the Federal Tax Authority, has organised an awareness workshop on applying the tax system in the UAE, titled "VAT for Real Estate Sector and Registration Mechanism." The workshop aimed at spreading awareness among real estate companies on the mechanism of applying value added tax, VAT, in the country. AbdullahRead more

VAT will be a win-win in the long term

Abu Dhabi - Musimchronicle

A UAE newspaper has said that with salaries stagnant and the cost of living increasing, people have been understandably perturbed over the impact of the introduction of VAT on 1st January next year, as well as an excise tax on tobacco and carbonated drinks due in the fourth quarter of this year. In an editorial on Thursday, the English languageRead more