revenues from vat in the gcc to boost development
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Revenues from VAT in the GCC to boost development

Arab Today, arab today

Arab Today, arab today Revenues from VAT in the GCC to boost development

Revenues from VAT in the GCC to boost development
Abu Dhabi - Arab Today

The introduction of value-added tax in the UAE next year, in tandem with the other five GCC countries, will boost government revenues that took a hit with falling oil prices.
VAT could generate Dh12 billion in its first year and Dh20bn in its second year, said Sultan Al Mansouri, Minister of Economy.
The international monetary fund (IMF) said introducing VAT at a low rate could generate between 1.5 to 2 per cent of GDP.
The Ministry of Finance plans to give businesses a grace period – yet to be decided – to deal with implementation of the law, said Saeed Al Yateem, assistant undersecretary of resources and budget sector at the ministry.
None of the six GCC ­countries have published VAT laws and there is no clear ­picture of the type of products and services that will be ­taxable.
The issue becomes more complicated because some sectors are expected to be ­exempt, while others, such as exports and international transport, will be zero-rated.
Businesses exempt from VAT will not be able to ­recover from the Government the tax incurred on the cost of an item or a service that is not exempt, and it will be up to the ­business to decide whether to pass on the VAT cost to the consumer.
But when businesses have zero-rated services and goods they can reclaim from the ­Government any VAT they have paid on costs.
Despite these complexities regarding what goods and services will be exempt or ­zero-rated, business figures have welcomed the introduction of the levy.
More than two-thirds of senior business figures in the UAE believe reforms such as cutting fuel subsidies and the introduction of duties such as VAT are necessary to boost ­development in the region.
Research conducted for The National by Borderless ­Access found that 69 per cent of ­respondents in the UAE and 66 per cent in Saudi ­Arabia felt that subsidy cuts and the ­introduction of VAT would help regional development.
The Ministry of Finance will this month launch the first phase of awareness sessions with regards to VAT and ­excise tax implementation for ­businesses, including small and medium-sized ­enterprises.


Source: The National

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

revenues from vat in the gcc to boost development revenues from vat in the gcc to boost development

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

revenues from vat in the gcc to boost development revenues from vat in the gcc to boost development

 



GMT 15:46 2018 Wednesday ,12 December

Festive Fashion by Dubai-based designer ASMARAÏA

GMT 10:03 2018 Monday ,10 December

23 Palestinians arrested in West Bank

GMT 09:12 2018 Wednesday ,12 December

Ford trains 1,600 motorists in Mideast, Africa in 2018

GMT 13:29 2018 Friday ,14 December

Turkey targets military over alleged Gulen links

GMT 09:00 2018 Wednesday ,12 December

May tours Europe in desperate bid to save Brexit deal

GMT 09:47 2018 Monday ,10 December

Russian ex-policeman convicted over 56 murders

GMT 16:14 2018 Saturday ,06 October

Saudi Aramco IPO to go ahead by early 2021

GMT 23:18 2017 Thursday ,13 July

Abbas names PNC speaker to form constitution

GMT 15:31 2017 Friday ,21 July

Peru reconstructs face of pre-Columbian ruler

GMT 09:30 2014 Friday ,03 January

Flashes of Thought

GMT 14:23 2018 Friday ,30 November

Saudi Arabia pledges $50 million to UNRWA

GMT 15:31 2018 Thursday ,18 October

Passengers stranded as Cypriot airline goes bust

GMT 03:21 2017 Tuesday ,18 April

Riots in Paris after Chinese man shot dead

GMT 09:50 2017 Thursday ,09 March

‘We need to get Iran’ out of Syria

GMT 10:55 2017 Tuesday ,10 January

Hong Kong's former leader abused power

GMT 14:42 2017 Friday ,03 November

Death toll rises to 12 in Gaza tunnel Israel blew up
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday