Earlier today, we told you that VAT (Value added tax) will soon be implemented in the UAE. Reports suggest that it will be in effect from January 1, 2018 at a rate of 5 per cent, while excluding 100 food items, healthcare and education. According to recent reports, the framework agreement is scheduled to release around June, this year. An expected revenue of Dh 12 million will be generated in the first year. GCC countries have taken this collective decision to enhance and increase revenues as part of the government’s efforts.
-Disha (Project Intern)