UAE to implement VAT on 1 January 2018
- Author:Anna
- Source:www.swwlogistics.net
- Release Date:2018-01-02
UAE to implement VAT on 1 January 2018
The UAE Minister of State for Financial Affairs, His Excellency Obaid Humaid Al Tayer, has stated that the UAE will implement VAT at the rate of 5% on 1 January 2018.
The minister was speaking in Dubai on 24 February after a joint press conference with Christine Lagarde, Managing Director of the International Monetary Fund (IMF). VAT is expected to be introduced at a rate of 5% with some limited exceptions including basic food items, healthcare and education. The UAE are planning to implement on 1 January 2018 - other GCC countries may do so at the same time or by 1 January 2019 at the latest.
VAT implementation will also have immediate effects on international shipping business, which will lead to shipping cost increasing.The goods to dubai will be subject to a VAT rate of 5% from January 1, 2018.
The UAE Minister of State for Financial Affairs, His Excellency Obaid Humaid Al Tayer, has stated that the UAE will implement VAT at the rate of 5% on 1 January 2018.
The minister was speaking in Dubai on 24 February after a joint press conference with Christine Lagarde, Managing Director of the International Monetary Fund (IMF). VAT is expected to be introduced at a rate of 5% with some limited exceptions including basic food items, healthcare and education. The UAE are planning to implement on 1 January 2018 - other GCC countries may do so at the same time or by 1 January 2019 at the latest.
VAT implementation will also have immediate effects on international shipping business, which will lead to shipping cost increasing.The goods to dubai will be subject to a VAT rate of 5% from January 1, 2018.