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The UAE Ministry of Finance has issued the much awaited UAE VAT law and launched a new dedicated tax website for the Federal Tax Authority.
The VAT law is based on the common principles agreed by all GCC countries in the GCC VAT framework agreement, which was published in the Official Gazette on 21 April 2017. The executive regulations, which will contain more details on the application of the VAT, are expected to be published during the final quarter of 2017.
The key highlights of the UAE VAT law are as follows:
As the VAT registration process will open on a voluntary basis from mid-September and there is only four months remaining for VAT to be effective in the UAE, it is important for you to undertake a VAT impact assessment to understand the impact of VAT on your business and to comply with your VAT obligations.
If you have any questions on the above or require any assistance with VAT implementation, please do not hesitate to contact us.
Shiraz Khan, Senior Tax Advisor, Al Tamimi & Company
Ahmed Ibrahim, Partner & Head of Equity Markets, Al Tamimi & Company
Brinda Shroff, Associate, Al Tamimi & Company
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