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Email ID : info@thevatuae.com
Help Line Number : +97144230600
It’s Like Having all UAE VAT Info in Your Pocket.
VAT Plus - Product Features VAT (Value Added TAX), which is also called as ‘tax on consumption’ by some economists, is simply a tax that is payable while purchasing any product. VAT is a particular percentage of the cost of goods and services, hence it can not be considered as a charge on companies. It is a general tax amount, which is added by the producer to the inputs before they are sold as new offerings. The implementation of VAT is an important step to strengthen the indirect tax structure of any country.
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The implementation of VAT will provide a new source of income to the government, which will contribute in providing high quality public services in future.
VAT will be payable by every individual in the country, who will be willing to buy any product or service.
The VAT rates will be equal or less than to 5% in UAE.
VAT is expected to be implemented in UAE on January 1, 2018.
A farmer grows cotton which is plucked and sold to a factory
The factory processes the cotton and manufactures clothes which are sold to a retail chain
The clothes are stocked in stores and placed for sale to consumers.
A consumer buys a new dress.
This particular section outlines the timeline when the VAT becomes payable and when it become due to the Collector-General.
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We believe that no section of the financial legislation is as complex as VAT. No Matter how big the VAT issue is,
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For making the possible preparedness for the new tax, one must understand the impact of the new tax system the ongoing
Read moreThe United Arab Emirates and Saudi Arabia are both on the verge of introducing Value added tax (VAT) very soon and to be accurate, on 1st January 2018. The decided VAT rate is 5 percent which is the lowest tax rate in the world. Although it seems much similar from a particular point of view, …
According to the ‘The ICAEW Economic Insight’ report by Oxford Economics, the UAE economy is benefiting the most from the growth in global tourism and rebound in global trade flows of all the GCC countries. The report says that the UAE is the most diversified economy among all GCC countries and has better economic outlook. …
All the GCC countries have collectively signed on the VAT framework agreement to implement a simpler and more unified Value Added Tax (VAT) in the Gulf region. The new tax system is expected to have a positive impact on the economic system to change the fiscal reform process. Even several foreign businesses and investors are …
Ever since the news of VAT (value added tax) being implemented in the UAE has surfaced, GCC businesses have been trying to prepare themselves for the new tax regime. The UAE Finance Minister had earlier this year stated that VAT will be applied at the rate of 5% in the UAE from January 1, 2018. …
VAT (Value Added Tax), a tax regime, which is believed to completely transform the way of business transactions used by trading companies across the GCC, either it is an SME/ SMB or a large enterprise. The upcoming tax regime in UAE depends on IT solutions like e-invoice suite and e-archive suite, which makes sure the …
The Federal National Council (FNC) of UAE, on Tuesday, affirmed changes to a draft law that is required for issuing tax-related laws and for the smoother implementation of the upcoming VAT taxation system in the country. The Tax Procedure Bill is aimed at evaluating, collecting and controlling public revenue it applies to, in addition to …
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