Arabtoday - Tag

VAT

Bahrain’s parliament approves draft VAT law

Dubai - Arab Today

Bahraini legislators approved a draft law on Sunday that would see value-added tax (VAT) imposed for the first time in the Kingdom, the government-run Bahrain News Agency (BNA) reported. The House of Representatives approved a Gulf Arab agreement to introduce VAT after a royal decree ordered parliament to hold an extraordinary session on Sunday, BNA reported, without giving details ofRead more

Saudi Cabinet lauds king’s orders on easing citizens’ living conditions

Riyadh - Arab Today

The Saudi Cabinet has expressed its appreciation of King Salman’s royal decrees on the payment of annual bonuses and cost of living allowances for civilians and military employees in the Kingdom. Chaired by King Salman at Al-Yamamah Palace in Riyadh Tuesday, the Cabinet also praised the king’s orders on the payment of financial rewards to military personnel serving at theRead more

Department of Economic Development investigates false VAT

Abu Dhabi - Arab Today

The Department of Economic Development, DED, has received five complaints on Monday regarding violating VAT claims made by a number of entities - immediately following up with the affected consumers either directly or via its complaint system linked to its call centre in Abu Dhabi (800555). Ahmed Taresh Al Qubaisi, Acting Director of DED’s Commercial Protection Directorate, said that theRead more

Oman postpones implementation of Value-Added Taxes

Oman - Arab Today

Value-added tax (VAT) will be implemented in Oman in 2019, the country has announced. Unconfirmed reports revealed that Kuwait might also follow suit. Gulf Cooperation Council (GCC) countries are expected to start applying the five-percent VAT in the beginning of January 2018, as part of the Unified VAT Agreement for the Cooperation Council for the Arab States of the GulfRead more

Residential units exempt from VAT

Abu Dhabi - Arab Today

The supply of commercial real estate, selling or leasing, will be subject to the Value-Added Tax, VAT, at 5%, while residential units will remain generally exempt, except for the first supply of a new residential building within the first three years of it being constructed, which will be 0% rated, according to a statement by the Federal Tax Authority, FTA,Read more

Tally Solutions geared up to help GCC businesses transition

Dubai - Arab Today

In an endeavour to help businesses in the UAE comply with VAT regulations, Tally Solutions, a leading international compliance software provider will offer improved insights, data alignment, efficiencies and transparency to enterprises in the UAE. Tally Solutions is well established in the region and is used by 40,000 satisfied clients across GCC. The company offers a complete business suite, fromRead more

Ministry of Finance announces Executive Regulation for Federal Decree

Dubai - Arab Today

The UAE Ministry of Finance has announced the Executive Regulation for the Federal Decree-Law No. 8 of 2017 on Value Added Tax following a Cabinet meeting on 7th November, 2017, headed by UAE Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum. The regulation defines VAT as the 5-percent tax imposed on theRead more

Gulfood Manufacturing opens tomorrow in Dubai

Dubai - WAM

Dubai World Trade Centre, DWTC, is preparing for the fourth edition of Gulfood Manufacturing, the Middle East’s largest food, beverage, manufacturing and processing exhibition, which promises to be the biggest show to date, shining the spotlight on thousands of the latest food industry solutions and hot topics such as Value Added Tax, VAT, and sector-shaping trends. Opening tomorrow, on theRead more

Mashreq launches VAT seminar series for SME clients

Dubai - Arab Today

Mashreq Bank has hosted its first VAT awareness seminar for SME clients, in collaboration with Morison MJS Tax Consultancy. With the UAE set to introduce VAT on January 1st, 2018, Mashreq launched a VAT awareness campaign for its SME customers on how VAT will affect their businesses. The campaign consists of a series of seminars and webinars over the nextRead more

Dubai Free Zones Council, Federal Tax Authority hold informative workshop

Dubai - Arab Today

The Dubai Free Zones Council and the Federal Tax Authority have organised an informative workshop on Value-Added Tax, VAT, that will be implemented in the UAE starting from 2018. The event drew the participation of more than 70 representatives of companies operating across Dubai’s various free zones. With the aim of helping free zone entities fulfil their tax obligations, theRead more