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UAE to implement 5% VAT as of January, 2018

by ChemOrbis Editorial Team -
  • 25/02/2016 (14:23)
According to media reports, the United Arab Emirates is planning to implement a value added tax (VAT) of 5% as January 1, 2018 while around 100 food items as well as health, education, bicycles and social services would be exempt from the VAT.

The UAE’s Minister of State for Financial Affairs Obaid Humaid Al Tayer said that GCC countries are now working on a framework for the new VATs set to be phased in throughout the region and added that when they agreed on the implementation of the VAT, the countries will have flexibility of one year, from January 1, 2018 to January 1, 2019, to implement it.

The UAE is expected to raise around Dh12 billion ($3.26 billion) in the first year of the new VAT application.
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