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Posted On: 25 February 2016 10:19 am
Updated On: 12 November 2020 02:16 pm

Confirmed: 5 % VAT in UAE from January 1, 2018

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The GCC has confirmed that it will bring in VAT at 5 per cent on January 1, 2018.

Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said: “The implementation as per the GCC Supreme Council resolution will be implemented as of January 1 2018, and other countries can take a later date of implementation on January 1, 2019.”

Here is the announcement:

“There’s a span of one year flexibility given the readiness of each country,” he said at a conference hosted by the Ministry of Finance in Dubai and attended by Christine Lagarde, Managing Director of the International Monetary Fund. (Source / Image)