UAE Exempts Wholesale Gold and Diamond Trade From VAT

UAE Exempts Wholesale Gold and Diamond Trade From VAT

Jewelry executives in the United Arab Emirates hope their industry will recover from plummeting sales, helped by a partial government U-turn involving value-added tax on businesses that account for about a quarter of all Dubai’s non-oil foreign trade.

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Financial sector hard hit by VAT

The UAE is a regional finance hub with global aspirations. Many international banks are licensed in the UAE and the local and regional banks are very dynamic. Dubai’s DIFC and Abu Dhabi’s ADGM are important financial centres.

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Bahrain publishes VAT law

Future of VAT in the EU

On 4 October 2017, the European Commission has set out how it proposes to reform VAT in the EU (https://ec.europa.eu/taxation_customs/business/vat/action-plan-vat/single-vat-area_en). These proposed changes should enter into force in 2022 and are amongst others aimed at tackling cross-border VAT fraud.

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Federal Tax Authority VAT registration

UAE FTA opens VAT registration portal

On September 29, 2017 the Federal Tax Authority (“FTA”) of the United Arab Emirates (“UAE”) opened its VAT registration portal to allow businesses to register for VAT. The portal is accessible via www.tax.gov.ae.

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VAT impacts important defense market in GCC

VAT impacts important defense market in GCC

With defense spending in KSA and UAE reportedly currently around 100 billion USD a year combined, the introduction of VAT on 1 January 2018 in those countries will have an important impact on businesses active in that segment.

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