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April

MGI World

Development towards VAT implementation in UAE

10th April 2017

MGI World

The UAE Ministry of Finance has launched an awareness campaign on the upcoming implementation of VAT. For a start there are a series of information workshops planed. These workshops will explain the rules of the new VAT system. For event details and dates please refer to the MoF website. https://www.mof.gov.ae/en/pages/workshops.aspx

In addition the Federal National Council approved a draft law that serves as a framework for issuing tax-related laws. The Tax Procedure Bill shall regulate the procedure of assessing, collecting and control of public revenue it applies to, the rights and obligations of taxpayers, registration of taxpayers, and tax offences and violations. This draft law shall also apply to fines, interest on the basis of due but unpaid tax and costs of the enforced collection.

The bill requires final approval of the President His Highness Shaikh Khalifa Bin Zayed Al Nahyan.

These developments emphasize the momentum to introduce the VAT on 1st January 2018