Practitioners asked for it and here it came, another clarification. The UAE’s FTA published its fifth public clarification, this time on entertainment expenses.
The U.S., the European Union, and Switzerland are challenging the legality of excise taxes on carbonated and energy drinks by Bahrain, Saudi Arabia, and theUnited Arab Emirates.
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The United Arab Emirates has clarified the application of value-added tax to accommodation provided by employers. VAT Public Clarification VATP003, published by the Federal Tax Authority, distinguishes between residential accommodation, which is zero-rated on first supply and afterward exempt, and standard-rated service accommodation.
Tax avoidance and profit shifting have resulted in an estimated annual loss of USD 100 to 240 billion of tax revenue worldwide, effectively 4-10% of global corporate tax revenue.
Confirming their role as pioneers in building a sophisticated and efficient tax network, the UAE and Bahrain took strong steps forward to join international efforts against base erosion and profit shifting practices (known as BEPS).
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.
On 9 January 2018, the FTA has published two long awaited documents on its website. These documents are cabinet decisions determining the so-called Designated Zones and the medical supplies subject to a zero rate for VAT purposes.
Dubai’s status as a world trading hub for gold and diamonds could be
threatened by the introduction of VAT in January 2018, industry leaders warned in the first high-profile protest against
In this article, the authors examine the process of implementing the Gulf Cooperation Council’s Common VAT Agreement and look at the efforts by Saudi Arabia and the United Arab Emirates to introduce their VAT legislation on January 1, 2018.
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