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Value Added Tax In GCC

MAC N ROSS > Value Added Tax In GCC

President issues VAT Decree-Law

A preliminary step to implementing VAT in the UAE as of January 2018, the 5 per cent tax is set to be imposed on the import and supply of goods and services at each stage of production and distribution, including what is deemed to be a supply.
 “The Federal Decree-Law issued by H.H. Shaikh Khalifa bin Zayed is the bedrock of the UAE’s planned tax system, which was designed to meet the most stringent of standards and best practices,” said Shaikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of the Federal Tax...

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President of UAE issues decree regarding selective tax on certain commodities

President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has issued a Federal Decree-Law on Excise Tax, which will be imposed on selected products. As per Federal Decree-Law No. 07 of 2017, Excise Tax Rates that shall be imposed on the "Excise Goods", which, along with the method of calculating the Excise Price, are subject to a decision by the Council of Ministers, upon the recommendation of the Minister of Finance, provided that the tax rates do not exceed 200% of the Excise Price. ...

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UAE President issues new tax procedures law

UAE President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has issued the landmark Federal Law No. 7 of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA). The Law defines a clear set of common procedures and rules to be applied to all tax laws in the UAE, namely, value added tax (VAT) and excise tax laws, and clearly states the respective rights and obligations of the FTA and the taxpayer....

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GAZT( General Authority of Zakat & Tax) of KSA has released Draft Value Added Tax Law

General Authority of Zakat & Tax of Kingdom of Saudi Arabia has released draft value added tax law for public consulting on May 31, 2017. The consultation allow members of the public and business community to provide feedback on KSA VAT Draft Law before sending for final approval. The deadline for feedback submission is 29 June 2017. The accompanying bye-laws will be released in third quarter of 2017. For more info visit www.gazt.gov.sa....

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Unified Agreement For Value Added Tax (VAT) for the GCC Region

The Unified Agreement for Value Added Tax (VAT) of the Cooperation Council for the Arab States of the Gulf published by UM AL-QURA in its issue number 4667 dated 21st April 2017 in KSA. This agreement is to set forth the unified legal framework to introduce VAT in the GCC states which will be imposed on the supply of goods & services and which has been ratified by the Kingdom of Saudi Arabia cabinet....

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