UAE VAT laws available Sept 2017
- Aug 14, 2017 | Richard Asquith
The United Arab Emirates (UAE) Federal Tax Authority plans to issue the 2018 UAE VAT laws and excise laws by the end of September 2017.
The implementation date for 5% VAT is 1 January 2018. It is estimated that over 350,000 businesses will have to VAT register in the UAE. There is a VAT registration threshold of Dh375,000 per annum. The Authority also estimated that the introduction of VAT may rise consumer prices by 1.4%.
Saudi Arabia published its draft 2018 VAT laws last month, and has already implemented excise levies. Four of the other six member states of the Gulf Cooperation Council are expected to roll out VAT later in 2018. The more than halving of the price of oil, the region’s key export, has forced the GCC states to implement VAT to help broaden their revenues.