VAT in UAE and other GCC Countries

Muscat: Residents may have to pay up to double the price for unhealthy products after a ‘sin tax’ kicks in, specialists say, however the lift to well-being and the economy will be justified, despite all the trouble. The new exact on things, for example, cigarettes, certain refreshments, and caffeinated beverages will be 100 for every penny of the retail cost and all GCC individuals states have consented to present it, as per worldwide specialists. Examiners in Oman say the new costs could be set up as ahead of schedule as the year end. That implies an OMR1.2 pack of cigarettes could then cost up to OMR2.4 – a move invited by well-being service authorities and financial analysts alike. Under the GCC extract structure assertion, all GCC part states have focused on presenting extract assets before the finish of 2017. As per the structure distributed in the Saudi authority Gazette as of late, refreshments, caffeinated beverages, and tobacco will be burdened at 100 for each pe...

Numerous GCC-based businesses are not preparing for the introduction of value added tax (VAT), under six months before its dispatch in the locale, another review has uncovered. The survey from the Association of Chartered Certified Accountants (ACCA) and Thomson Reuters has discovered that there is a "significant lack of preparation and awareness". The report found that exclusive 11 percent of respondents comprehend the effect that VAT execution will have on their business, while 49 percent said they are yet to start their effect evaluation. Saudi Arabia, the UAE, and Qatar are expected to present VAT in UAE 2018 , with the other three GCC members- Bahrain, Kuwait, and Oman - following at a later date. The report has likewise raised worries about the council and mastery accessible for organizations, with local administrative contrasts prone to test their fund and IT abilities. More than 33% (38 percent) said they needed in-house assets, while 44 percent" depic...

The United Arab Emirates (UAE) and Saudi Arabia are probably going to be the main nations from the six Gulf Cooperation Council to meet January 1, 2018, due date to execute another esteem included assessment, a senior business expert said. The GCC exchange Coalition, which incorporates Saudi Arabia, the UAE, Qatar, Bahrain, Oman and Kuwait had concurred in 2016 to present VAT on January 1, 2018, as a way to enhance government income sources and diminish dependence on unrefined petroleum sends out after the oil costs' sharp fall that started in mid-2014. Younis Al Khouri, under-secretary at the UAE's fund service told Zawya in a meeting not long ago that the new VAT will be actualized at the same time over the GCC beginning January 1, 2018. Be that as it may, numerous specialists and experts are doubtful about the probability of a concurrent execution, with a few nations more progressed on the arrangements than others. Expense specialists have a year ago revealed to Zawya...

The UAE government is going full steam ahead with the implementation of a value added tax (VAT) in the country from January 1, 2018. The UAE Minister of State for Financial Affairs, His Excellency Obaid Humaid Al Tayer, has expressed that the UAE will execute VAT at the rate of 5%. With the impending VAT usage, impose specialists, innovation experts and pertinent government divisions are preparing for the new assessment administration in the nation. The Ministry of Finance has begun the countrywide awareness campaign to educate different stakeholders on the collection of VAT. In readiness for the broad execution of VAT, every part condition of the GCC will build up their own different national enactment concerning VAT and all things considered the definite consistency prerequisites and set of standards will be illustrated in particular enactment. The GCC VAT Framework Agreement permits part states until 1 January 2019 to execute the duty. The UAE government is relied upon to d...