VAT News

UAE-VAT update

This week, the UAE government have announced the introduction of a tax procedure bill, which provides the framework for the introduction of tax systems, with the first being a selective sales tax later in 2017, followed by the implementation of VAT from January 2018.

The selective sales tax is due to be introduced to 93 different types of commodity, with VAT to be applied to a much wider range of transaction. The VAT legislation is expected to be revealed in the near future.

Recently, a federal tax authority has been created in the UAE, which will ensure understanding and compliance with the newly introduced taxes.

The government has also recently announced a number of training sessions to prepare businesses for the forthcoming changes.

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