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Tag Archives: value-added tax

VAT increased from 5% to 15% in Saudi Arabia

Saudi Arabia’s government is suspending the cost of living allowance and raising the value added tax (VAT) threefold, as part of measures aimed to shore up state finances, which have been battered by low oil prices and the coronavirus. “Cost of living allowance will be suspended as of June first, …

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Landmark group enters UAE supermarket sector with Viva

The Landmark Group has taken its first step into supermarket-type retailing in the UAE with the launch of four “food discounter” stores under the “Viva” brand. But unlike mainstream super/hypermarket chains, Viva will only focus on food retailing — freshly prepared and packaged — and at steep discounts to prices …

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What 2018 holds for the UAE

The Levant News Exclusive – by Mohamad Hassan -Dubai – The UAE is considered the second-largest economy in the Arab world (after neighboring Saudi Arabia) and a regional business hub with economic growth of 1.4% in 2017 and a positive economic outlook in 2018. Moreover, it ranked 16th in the Global …

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VAT: Abu Dhabi cracks down on overcharging businesses

Abu Dhabi’s Department of Economic Development (DED) is cracking down on businesses that are overcharging customers in the name of VAT (Value Added Tax), a senior Abui Dhabi official from the department said  on Tuesday. “We issued some fines in the first week either for collecting tax when businesses are …

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Effects of VAT on individuals minimal: Ministry of Finance

The Ministry of Finance stated that adopting value-added tax (VAT) in the UAE will have a positive effect on its development and competitiveness — and will contribute to building a sustainable knowledge-based economy for future generations, as the tax will provide additional financial resources and enable the UAE government to …

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Tax authority warns residents of rumours on VAT

The Federal Tax Authority (FTA) calls on citizens and residents to be wary of uninformed and unreliable sources of information who are circulating misleading information around the introduction of VAT in the country. The FTA emphasizes on the importance of referencing and checking accurate sources of information, such as the …

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Telecom firms clarify on VAT for recharge cards

Don’t pay extra when buying mobile phone prepaid recharge cards, telecom companies told customers on Wednesday. The five per cent value-added tax (VAT) introduced in the UAE on January 1 is applied on goods and services that come under the purview of VAT law. Telecom companies are charging five per …

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UAE’s retail sector to grow 3% in 2018

UAE’s retail landscape is expected to grow at a rate of 3 per cent in 2018, improving slightly over the current year and reaching a value of Dh196 billion, analysts told Gulf News pointing out VAT implementation will have a minimal impact due to low rate of 5 per cent; …

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Tourists to get refunds on VAT paid

Tourists to the UAE will be able to claim back the value added tax (VAT) on purchases they make whilst visiting the country, according to the recently released executive regulations by the Federal Tax Authority (FTA). The regulations do not, however, go into details on how this process would work. …

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Shaikh Mohammad approves bylaws of VAT

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved the executive regulations of Federal Law No.8 of 2017 on Value Added Tax (VAT). The bylaws govern the implementation of VAT, which will come into effect from January 2018. …

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