UAE to introduce Value Added Tax in 2018

5:41 AM

In a news from Emirates 24/7, the UAE and GCC countries will introduce Value-Added Tax (VAT) in 2018.

In the report:

VAT rate on taxable goods will be between 3-5%. Meanwhile, certain sectors including education, healthcare and many food items will be exempted in the new tax.

UAE expects to earn estimated VAT revenues of between Dh10 billion and Dh12 billion in the first year of its application, this is according to Younis Haji Al Khoori, Undersecretary at the MoF.

Remittance tax

On the remittance tax, Al Khoori noted that the issue regarding taxing workers’ remittances is a state issue and not a GCC-wide issue, with each country having the right to define the appropriate tax policy regarding a tax on remittances.

For the complete Emirates 24/7 report, please click on this link www.emirates247.com


Source: www.Emirates247.com

Main photo: vat.com

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