The ABC of VAT unveiled in the UAE

The UAE Cabinet has approved the draft of executive regulations for value-added tax, a guide to how the indirect tax will go into effect next year in the Arabian Gulf’s second biggest economy.

The much anticipated set of regulations, are ostensibly the ABCs of where businesses will fall in the tax bracket. There has been some uncertainty regarding what goods and services will be taxed and which will be exempt or zero-rated.

Khalid Al Bustani, the director general of Federal Tax Authority, says any confusion is logical as the country is moving to a new tax regime. Businesses need to seek help from qualified tax professionals to explain the crux of tax procedures.

Tax regulations have detailed which parts of some of the businesses will be exempt from the levy and which ones will need to implement VAT at a standard 5 per cent rate.

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Margin accounts at the banks, for example, are exempt while the explicit fees such a charges for chequebooks will be subject to VAT. As for the stock exchanges, Mr Al Bustani, says, only the commissions of brokers and the fees charged by the bourses will fall in tax net while the sovereign fee imposed by the regulator will be exempted.

In terms of precious metals, it is very clear that gold, silver, and platinum of investment grade - sold for investment purposes will be zero rated. Thus jewellery sold will fall in the tax net.

The draft regulations have addressed the definition of a free zone. For the first time they detail how companies in their respective jurisdiction will be taxed. The final law will be gazetted soon and the Cabinet will also make a decision on which of the free zones will be non-designated – a free zone where the companies will have to apply VAT like the mainland -- and which of them will be designated where tax procedures will be different on goods and services.

The success of VAT is imperative for the continued economic development of the UAE and all stakeholders will have to come together to achieve this objective, Mr Al Bustani says.

“At Federal Tax Authority, we believe that cooperation between the government, business and the consumer is key for the success. Success of any law comes from this cooperation.”

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Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Business Insights

As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

RIDE%20ON

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COMPANY PROFILE

Name: Almnssa

Started: August 2020

Founder: Areej Selmi

Based: Gaza

Sectors: Internet, e-commerce

Investments: Grants/private funding

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RESULTS

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Scoreline

Chelsea 1
Azpilicueta (36')

West Ham United 1
Hernandez (73')

Wicked

Director: Jon M Chu

Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey

Rating: 4/5

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

UAE WARRIORS RESULTS

Featherweight

Azouz Anwar (EGY) beat Marcelo Pontes (BRA)

TKO round 2

Catchweight 90kg

Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)

Split points decision

Welterweight

Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)

TKO round 1

Flyweight (women)

Lucie Bertaud (FRA) beat Kelig Pinson (BEL)

Unanimous points decision

Lightweight

Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)

TKO round 1

Catchweight 100kg

Marc Vleiger (NED) beat Mohamed Ali (EGY)

Rear neck choke round 1

Featherweight

James Bishop (NZ) beat Mark Valerio (PHI)

TKO round 2

Welterweight

Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)

TKO round 1

Middleweight

Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)

Unanimous points decision

Bantamweight

Fabio Mello (BRA) beat Mark Alcoba (PHI)

Unanimous points decision

Welterweight

Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)

TKO round 1

Bantamweight

Trent Girdham (AUS) beat Jayson Margallo (PHI)

TKO round 3

Lightweight

Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)

TKO round 1

Middleweight

Tarek Suleiman (SYR) beat Steve Kennedy (AUS)

Submission round 2

Lightweight

Dan Moret (USA) v Anton Kuivanen (FIN)

TKO round 2

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions