- The Virtual Company Licence will enable freelancers and business people worldwide to have access to a regulated e-commerce platform and easily work with Dubai-based companies while also exploring new markets and investment opportunities digitally.
- The International Monetary Fund (IMF) has suggested that the value-added tax (VAT) should be doubled from five percent to 10 percent in Saudi Arabia in consultation with the other Gulf countries.
Analysts expect the hike in VAT rate will come only after 2021 once Kuwait and Oman will also be ready to implement it and as a customs union, the increase makes sense across the GCC countries.
- In order to direct efforts towards reducing the negative effects of harmful consumption patterns, the UAE Ministry of Finance announced the details of the amendment of Cabinet Resolution No.(38) of 2017 regarding excise goods, excise tax rates and the formula to calculate the excise price.
- Taxability of \'recharges\', typically applicability of VAT is a subject matter of debate and interpretation across the VAT jurisdictions. The term \'recharge\' also commonly known as \'recovery of cost\' is generally not defined in the legal statues but has gained significant importance from a VAT determination viewpoint, purely because it is not clear whether a recharge in itself involves any supply of goods or services attracting VAT.
- The UAE Cabinet has approved a proposal to impose 50 per cent excise tax on products with added sugar and sweeteners. - Khaleej timesThe UAE will levy excise tax on additional sugary and smoking products from next year in order to reduce consumption of these unhealthy products linked to chronic diseases.
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