#VAT
New tax regimes in the GCC nations will unleash a new era of growth and economic resilience for the region
By supporting the financial services sector through targeted exemptions, the UAE continues to build on its strategy of becoming a top-tier financial hub
The UAE’s new VAT updates will impact several sectors, with investment fund management and virtual assets receiving key exemptions
The initial draft bill was first introduced in 2022, proposing a tax framework aimed at high earners
The country’s non-oil economy is projected to grow by a robust 4.5 per cent this year
The evolving landscape will require chartered accountants to steer the ship, bring clarity to the process and ensure compliance with regulations and policies
The amendments were based on past experiences, challenges faced by various business sectors and recommendations received from relevant parties
“We will look to the right time to apply such taxes” – Finance Minister Ali Al Kuwari
A more solid, practical, and transparent fiscal system, combined with a new approach to alternative revenues, is helping the UAE strengthen its position as an attractive and competitive hub for international business and investment
The bill has now been sent to the Shura Council, the upper house of the National Assembly
The tax and compliance technology solution provider is looking to enter the UAE by mid-2022 with e-invoicing and VAT offerings within the country
The claims are reportedly related to a dispute over how to calculate value-added tax
Bahrain’s budget shortfall is projected to drop to 9.1 per cent of gross domestic product this year compared with 18.3 per cent of GDP in 2020
GCC states have the discretion to zero rate and exempt certain categories of supplies and Oman has used this discretion
The UAE government instituted a 5 per cent VAT on goods and services in January 2018
Employing the services of certified audit firms can help companies in the country meet regulatory requirements and avoid penalties
The country last year announced it would impose a 5 per cent VAT in an effort to bolster the economy
The kingdom will stick to its plan to cut spending by 7.3 per cent in 2021
The VAT hike to 15 per cent, was implemented in July this year
The kingdom hiked its value added tax (VAT) from 5 per cent to 15 per cent in July
The programme originally covered 70 per cent of Saudi employees in firms with over five workers
Saudi Arabia’s economy is expected to contract 4.8 per cent in 2020 before growing by 3.2 per cent next year
Oman would become the fourth of the Gulf Cooperation Council’s six states to collect VAT
Saudi Arabia increased its value-added tax from 5 per cent to 15 per cent on July 1
Saudi consumers while venturing out more than in preceding months, still prefer to retain several preventive measures while shopping in stores
Representatives of family businesses met with Dubai government officials last month
The kingdom has hiked its VAT rate from 5 per cent to 15 per cent starting July 1
The UAE government levied a 5 per cent VAT on goods and services in January 2018
The steps taken to shore up revenue and rationalise spending are valued at about SAR100bn in total
The move will facilitate businesses and service providers to meet their obligations without facing any difficulties