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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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
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.
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.
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.
The Kingdom of Saudi Arabia has now published its VAT law in its Official Gazette
Real estate is an important part of the Gulf economy. Construction fever in the United Arab Emirates is high, especially in Dubai as it prepares for the Expo 2020. The complexities of VAT hit especially the real estate sector.
The implementation of VAT will be adding an additional layer of complexity to businesses active in the logistics and distribution sector.
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