Friday 24 November 2017
 
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VAT

GCC’s GDP to accelerate to 2.8pc next year: ICAEW

The GDP of the GCC is expected to grow from just 0.3 per cent in 2017 to 2.8 per cent next year, while the same in the wider Middle East will accelerate from 1.4 per cent in 2017 to 3.2 per cent next year, a report said. Several e

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UAE residential units exempt from VAT: FTA

Residential units in the UAE will remain generally exempt from value added tax (VAT), except for the first supply of a new residential building within the first three years of it being constructed, which will be zero per cent rated, according to

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Abu Dhabi hosts key workshop on VAT regulations

The Department of Finance (DoF) – Abu Dhabi recently held a workshop to discuss the latest developments on financial systems and regulations related to government procurement frameworks, and introduce different government entities to the u

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UAE Finance Ministry issues regulation on VAT law

The UAE Ministry of Finance has announced the Executive Regulation for the Federal Decree-Law on Value Added Tax at a Cabinet meeting held yesterday (Nov 7).   The regulation defines VAT as the 5 per cent tax imp

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Accelerating VAT compliance with the right ERP

In January 2018, the UAE and Saudi Arabia will adopt a Value Added Tax (VAT) at a standard rate of 5 per cent, with the rest of the GCC to follow soon after. The UAE’s Ministry of Finance has explained in clear terms what is required of bu

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VAT 'to increase costs for GCC property investors'

The real estate sector is likely to become a costlier investment across the GCC region following the implementation of value-added tax (VAT), according to a survey of local chartered financial analysts (CFA). With VAT set to be ap

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Saudi Arabia to exempt many items from 5pc VAT

Saudi government has declared that not all goods and services will be subjected to the standard 5 per cent value-added tax (VAT) rate as some of them will fall under the zero-rated, the exempt or outside the VAT scope altogether.

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GCC food industry experts to discuss VAT effects

With the official implementation of Valued Added Tax (VAT) across the Gulf region in January, the ripple effect of the region’s first applied taxation on all goods and services is a pressing concern across the majority of industries functi

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GCC food industry experts to discuss VAT effects

With the official implementation of Valued Added Tax (VAT) across the Gulf region in January, the ripple effect of the region’s first applied taxation on all goods and services is a pressing concern across the majority of industries functi

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VAT in the GCC: Are your accounting systems ready?

Compliance with the UAE VAT Law may require significant changes to a business’ technology, operations, financial management and bookkeeping practices. The law, which comes into effect across the six GCC nations on January 1,

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