VAT SERVICES

  • About VAT
  • VAT refers to Value Added Tax. It is being introduced in the UAE starting 2018. Here’s all you need to know about it.
  • What is VAT?
  • Value Added Tax (VAT) is a consumption tax applied on a good as its value is increased each stage of its production or distribution. It is an indirect tax that is related to a taxpayer’s consumption and not their income. The VAT is applicable in more than 160 countries.
  • When will VAT come into effect?
  • VAT, at the rate of 5%, shall be introduced in the UAE and other GCC countries from 1 January 2018. Businesses can start registering for VAT three months before the launch date (1 October 2017).
  • What shall be taxed?
  • A VAT would be applicable to non-essential consumer goods. Anything apart from basic food and essential commodities would fall in this taxable bracket. This would include automobiles, electronics, jewelry, restaurant services, and entertainment.
  • What will be exempt from VAT?
  • The Government of UAE has stated that about items in about 100 categories like food, education, health, bicycle, fuel, transport, and social services would be exempted from VAT.
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