Friday 6 May 2016
 
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VAT

VAT likely to increase inflation rates across GCC

The introduction of value added tax (VAT) will increase inflation rates across the GCC, according to one-third of investment professionals, while over a quarter said that it will increase the cost of doing business, a report said.

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A head start on the transition to VAT in GCC

Although the introduction of value added tax (VAT) in the GCC in 2018 may seem like a long way off, there are sensible ways businesses can start preparing now – by assessing how it will impact them, according to experts. Exp

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Egypt targets higher growth, deficit reduction

Egypt promised tough action to restore growth with a government programme that aimed to reduce the budget deficit while protecting the poor as public anger mounts over a deteriorating economy. Prime Minister Sherif Ismail, reading

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UAE to introduce 5pc VAT from Jan 2018

The UAE plans to introduce a 5 per cent value added tax (VAT) from January 1, 2018, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, has been quoted as saying. In the first year, the country is expected to earn Dh12

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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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