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UAE moving towards VAT 2018.

The announcement for the introduction of VAT in UAE by January 2018 was made way back in the beginning of 2016. And here we are in the middle of 2017 gearing up for the implementation of the same. AGX, as a firm of professional auditors, have been asked by almost all our clients as to how VAT will be effected. What the procedures for VAT will be. We are also aware of numerous workshops being held in the country about VAT and have also in fact attended some of them. But other than general guidelines on how the same may be implemented (which we are well aware of having handled VAT back in India), these workshops were not very helpful. We know for a fact that the general rate of VAT will be 5%. The mandatory threshold limit for businesses to register for VAT is if their taxable supplies...
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LAW ON 5 PER CENT VAT PASSED IN UAE; HOUSE RENTS SET TO RISE

Business owners and landlords must pay a five per cent value-added tax (VAT) starting January 2018, announced the Federal National Council (FNC) on Wednesday in the UAE capital. The FNC approved the draft law, which serves as a legal framework and organizes all the regulations of taxes, which aims to generate revenue for the federal government and enabling a sustainable economic growth. Private businesses making Dh370,000 and more a year will have to pay VAT. The tax is binding on landlords renting out properties as well, which could mean a rise in rents for tenants across the UAE. There are currently more than 450,000 private owned companies in the UAE, and the number is expected to soon reach 600,000, which will see a growth in the annual GDP. The law will be implemented in the UAE...
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UAE NON-OIL SECTOR RECORDS STRONGEST UPTURN IN OUTPUT IN 18 MONTHS

Boosted by higher oil prices, business conditions in the UAE’s non-oil private sector continued to gain momentum in February as output and new orders accelerated. “Strong demand conditions and a favorable economic environment encouraged companies to scale up purchasing activity and hire additional workers over the month. On the price front, average selling prices rose for the first time in almost one-and-a-half years as firms passed on to client’s part of their additional cost burdens. The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index, which covers manufacturing and services, rose to 56.0 in February from 55.3 in January. The 50-point level divides expansion from contraction. The rise in the UAE PMI to the highest level since September 2015 suggests...
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