UAE MOF updates – VAT FAQ details
The VAT FAQs section was updated on the official website on 9th July by the United Arab Emirates (UAE) Ministry of Finance (MOF. It provides simplified explanation to all your VAT questions. The update provides useful written confirmation on a number of points discussed at the MOF VAT awareness sessions. How can one object to […]
VAT Law (Draft) Published in KSA
Introduction The GCC nations have announced the introduction of VAT from the next year and preparation for the same is in full swing. Kingdom of Saudi Arabia (KSA) already published the draft VAT law on the website of General Authority of Zakat and Tax (GAZT). It is considered to one of the major steps towards […]
Introduction of VAT in UAE
Introduction The GCC nations have announced introduction of VAT from the next year and preparation for the same is in full swing. Kingdom of Saudi Arabia already published the treaty in their official gazette earlier this month and is all set to introduce it with effect from 1 January, 2018. The view of rulers of […]
Finance Ministers of GCC Explore VAT and Economic Issues
The GCC countries have already signed the treaty for implementation of VAT by 2018 and the preparation for successful implementation is already going on a war footing basis. The UAE and KSA are expected to introduce VAT with effect from 1 January 2018 and the rest shall follow within a couple of months. The lawmakers […]
VAT updates in KSA
The General authority for Zakat and taxes (GAZT), the regulatory body for taxation in Kingdom of Saudi Arabia (KSA) have recently updated some notable points on their website about Value Added Tax (VAT). It illuminates the stakeholders about various key facts about implementation of VAT. Key Facts Website clearly states that the legislation for VAT […]
VAT Briefing Highlights
VAT Introduction Value Added Tax (VAT) is an indirect tax levied on supplies. GCC have entered a treaty to introduce and implement VAT and Excise across the GCC to create a wider scope of revenues for the Government. All the countries in the region shall prepare and implement their legislation for VAT based on the […]
VAT FAQ -Released by Ministry of Finance
In the quickly shifting legal environment of the GCC, the introduction of Value Added Tax (VAT) is the most trending topic this month. In this article, we discuss the general FAQs and what VAT means for your business in GCC. 1. General Questions 1.1 What is tax? Tax is the means by which governments raise […]
All six GCC states to implement VAT together, says UAE council official
The six members of the Gulf Cooperation Council (GCC) will all simultaneously introduce a law to implement value-added tax (VAT) in 2018, even if it means a slight delay due to some countries lagging behind in their preparations, an official in the United Arab Emirates (UAE) said. Younis Al Khouri, under-secretary at the UAE’s finance […]
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 […]
Bahrain: Minister of Finance signs the GCC Unified VAT and Excise Tax Treaties
In brief On 1 February 2017, the Kingdom of Bahrain signed the GCC unified VAT and Excise Treaties. The Minister of Finance stated that Bahrain is planning to introduce VAT by mid-2018 and is targeting to introduce Excise Tax by mid-2017. The normal constitutional processes will need to be completed prior to the introduction of […]