revenues from vat in the gcc to boost development
Last Updated : GMT 07:25:12
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 07:25:12
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

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 09:24 2018 Wednesday ,12 December

LuLu supports KFUPM Rectors Cup marathon

GMT 10:03 2018 Monday ,10 December

23 Palestinians arrested in West Bank

GMT 17:58 2011 Thursday ,18 August

Khaled Shaheen from German hospital to Jordanian jail

GMT 14:26 2018 Wednesday ,12 December

Canada standing on the wrong side of history

GMT 05:33 2017 Friday ,29 December

Apple, Epson face French legal pressure

GMT 14:14 2017 Saturday ,11 February

Ghada Adel praises participation with Adel Imam

GMT 19:57 2017 Friday ,17 February

Lebanese actors dominate Ramadan"s drama

GMT 05:00 2017 Saturday ,23 December

First Ryanair strike sees delays, but no cancellations

GMT 10:27 2017 Monday ,21 August

Shatha Hassoun keen to diversify works

GMT 10:58 2017 Thursday ,28 September

Rogina prepares for filming “Very Confidential”

GMT 12:12 2017 Wednesday ,20 September

Wildlife pays the price of Kenya's illegal grazing

GMT 06:01 2016 Saturday ,19 November

Police officer being investigated over death of detainee

GMT 21:42 2014 Saturday ,16 August

Qatar police college receives first batch of students

GMT 09:12 2015 Thursday ,04 June

More than 70 dead in Ghana petrol station fire

GMT 14:57 2016 Friday ,23 December

Al Jarman condole killing of Russian envoy

GMT 00:04 2017 Monday ,27 February

Palestinian Yacoub Shaheen wins ‘Arab Idol’ S4

GMT 04:47 2017 Friday ,22 September

US CEO sees bonus pay cut after ugly rant
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
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday