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World VAT/GST News

World VAT/GST News – October 2017

By October 17, 2017July 10th, 2021No Comments

UAE 

The United Arab Emirates (UAE) has opened its VAT registration portal for businesses to register in time for the launch of VAT on the 1st January 2018…

UAE 

The United Arab Emirates (UAE) has opened its VAT registration portal for businesses to register in time for the launch of VAT on the 1st January 2018. 

Recently the UAE published its Value Added Tax law confirming a VAT rate of 5% and a registration threshold for all businesses at Dh 375,000 (Approx. US$ 100,000). The law also confirmed that the new tax will be levied on most goods and services, with the exemption of essential items such as foodstuffs and health & social care services.

The UAE is part of the six-country Gulf Cooperation Council (GCC) and all of these countries have agreed to implement a harmonised VAT regime by 2018. The GCC countries consist of Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.

The above information was kindly provided by Fiscal Solutions (UK), www.fiscalsolutions.co.uk; contact: contact@fiscalsolutions.co.uk