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Tag Archives: VAT

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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Are Lebanon protests spontaneous or planned?

By Dr. Haytham Mouzahem   On October 17, 2019, protests erupted in most Lebanese cities, particularly in the center of Beirut, rejecting a $ 6-a-month WhatsApp tariff plus new taxes on gasoline and a 15% VAT increase. Soon, most of the Lebanese people from different classes, regions and sects reacted …

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Abu Dhabi National Exhibitions Company licenses VAT waiver

Abu Dhabi National Exhibitions Company, ADNEC, today announced that it has obtained the Federal Tax Authority, FTA, License for waiver from Value Added Tax, VAT, for all international companies and organisations participating in or holding shows and conferences at its venues across the UAE with effect from 1st June, 2019. …

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Bahrain parliament approves VAT agreement

Bahrain is set to become the third Gulf Cooperation Council (GCC) to implement the unified agreement on Value Added Tax (VAT) on goods and services. On Sunday, the kingdom’s bicameral parliament, holding an extraordinary session upon a royal order issued last week, approved VAT at the rate of five per …

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Fuel prices in UAE for August 2018

The Ministry of Energy and Industry announced fuel prices for August and the price includes VAT. The per-litre prices are Super 98 at Dh2.57 (from Dh2.56 in July and Dh2.63 in June) and Special 95 at Dh2.46 (from Dh2.45 in July and Dh2.51 in June). Diesel price has been fixed at Dh2.63 per litre (from …

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Tourism industry welcomes VAT refund move

Retailers and the tourism industry have reacted positively to the announcement that visitors to the UAE will soon be able to claim back any value added tax (VAT) they are charged. On Wednesday, the UAE cabinet agreed to put in place a system that will allow tourists to receive refunds …

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VAT implementation makes SME lending safer

The UAE’s banking sector stands to benefit from the implementation of Value Added Tax (VAT) as the new tax system makes the balance sheets of corporates, particularly the small and medium enterprises (SMEs) more transparent, said Abdul Aziz Al Ghurair CEO of Mashreq Bank and Chairman of the UAE Banks …

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No VAT on sale and purchase of shares in UAE

Value-added tax (VAT) will not be applicable on the sale and purchase of share transactions conducted by investors in UAE stock markets, said a senior government official. Khalid Al Bustani, director-general, Federal Tax Authority, pointed out that there would be no tax on profit margins as well. On Tuesday, Dubai …

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