UAE to implement VAT on 1 January 2018

The UAE Minister of State for Financial Affairs, His Excellency Obaid Humaid Al Tayer, has expressed that the UAE will execute VAT at the rate of 5% on 1 January 2018.

The priest was talking in Dubai on 24 February after a joint public interview with Christine Lagarde, Managing Director of the International Monetary Fund (IMF). VAT is relied upon to be presented at a rate of 5% with some restricted exemptions including fundamental sustenance things, medicinal services and instruction. The UAE are intending to actualize on 1 January 2018 – other GCC nations may do as such in the meantime or by 1 January 2019 at the most recent.