UAE Ministry of Finance Undersecretary reiterates plan to introduce VAT by 1st of January 2018 - IMC

UAE Ministry of Finance Undersecretary reiterates plan to introduce VAT by 1st of January 2018

In brief

United Arab of Emirates (UAE) Ministry of Finance officials have declared during the World Government Summit the intention of all GCC Member States to implement VAT by January 1st, 2018.

In detail

Younis al-Khouri, the UAE Ministry of Finance Undersecretary, has reiterated the GCC Member States’ intention to simultaneously apply VAT across the GCC by 1 January, 2018 during the World Government Summit held in Dubai, UAE this week.

The VAT will still be applied at a rate of 5% on most goods and services, with certain sectors potentially benefiting from special VAT treatment. These sectors may include healthcare, education, transport and technology.

The Excise Tax is planned to be introduced during the current year in UAE, with specific goods considered harmful to the human health to be subject to the Excise Tax, including soft drinks, energy drinks and tobacco products.

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