Sunday 14 February 2016
 
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VAT

Low rate ‘to ease impact of VAT on UAE firms’

The introduction of value-added tax (VAT) in the UAE may intensify the cost of doing business in the country, but the anticipated low rate of 5 per cent should mitigate this, according to industry experts. What will help businesse

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Gulf states prepare VAT laws ahead of introduction

Gulf Arab states are putting the finishing touches on draft laws on value-added taxes (VAT) of up to five per cent that could be imposed from 2018 to boost revenues hit by falling oil prices, officials said on Thursday.  

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Saudi Arabia ‘planning tax reforms’

Measures are currently on foot for a reform of Saudi Arabia’s taxation system with the proposed introduction of formal transfer pricing rules and the introduction of Value Added Tax (VAT), according to experts. Deloitte, a l

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Britain to review airport shop sales over VAT scam

Britain is to review airport retail sales after some businesses were found to be pocketing about half of tax savings meant for passengers, rather than passing on the discount, the government said on Thursday. Most retailers at British a

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Saudi Arabia plans VAT in 2 years

Saudi Arabian Finance Minister Ibrahim Alassaf said the kingdom expects to introduce value-added tax in two years, aiming for a tax rate of around 5 per cent, the Saudi-owned Al-Hayat newspaper reported on Wednesday. "VAT wil

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Saudi Arabia plans VAT in 2 years

Saudi Arabian Finance Minister Ibrahim Alassaf said the kingdom expects to introduce value-added tax in two years, aiming for a tax rate of around 5 per cent, the Saudi-owned Al-Hayat newspaper reported on Wednesday. "VAT wil

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VAT ‘to increase cost of doing business in GCC’

The introduction of a Value-Added Tax (VAT) to GCC countries will increase the cost of doing business and compliance for firms, said 61 per cent of the respondents to a survey. This will discourage foreign direct investment (FDI), accor

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GCC states 'agree on key issues for launching VAT'

Gulf states have agreed on key issues for implementing value-added tax in the region, an official from the United Arab Emirates finance ministry said on Monday. The agreement was reached at a meeting of representatives from Gulf m

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GCC in bid to broaden taxable basis for foreign firms

To increase the scope of income tax laws, GCC countries are pursuing tax determinations with significantly broader interpretations of activities or actions that constitute doing business in-country, according to experts. New conce

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UAE seeking consensus with neighbours on VAT

The United Arab Emirates and its neighbours are working towards introducing value-added tax (VAT) in the region but don't yet have a consensus on tax rates and exemptions, the finance ministry said on Tuesday. "If the GCC

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