Abu Dhabi has reversed its earlier decision on VAT that allowed retailers to round up prices for items that required change in low denomination coins.
The Department of Economic Development says it has made the decision after assurances from the UAE Central Bank that there are enough of the coins in circulation for retailers to give change, and that it would mint more if necessary.
Nine days ago the DED announced that charges could be rounded up by 20 fils on low cost items when the change required 10 and five fils coins.
Three days later, the Central Bank issued a statement describing its role as: “To monitor cash use in the market and supply banks with the quantities of coins they require to address the needs of their various customers.”
The bank added: “At the moment, the amount of coins including small denomination in the market is sufficient.”
Under the original ruling, a retailer selling an item for Dh1.05 including VAT would be able to charge customers Dh1.25.
Now paying for the same item will either require to buyer to have a five flls coin in their pocket or the seller to offer 20 fils in coins as correct change.
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Read more:
Central Bank: Sufficient small coins circulating in UAE
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Khalifa Bin Salem Al Mansouri, the Undersecretary at the DED said the earlier decision had been cancelled as a response to calls from consumers to protect their rights in getting their change in fractions of a dirham.
In its announcement, the DED said it was responding after the: “Central Bank of the UAE confirmed that there are enough quantities of coin currency in the market, including the small denominations, and its readiness to re-minting any of the small denominations if the need arises.”
Mr Al Mansouri added that initial decision to permit rounding up was based on a reading of the VAT law that stated: “If the value imposed on imports was calculated and contained fils fractions, then the party who is subject to the tax may round the amount to the closest fils based on the principles of arithmetic rounding”.
Abu Dhabi said that over the weekend it had also held a workshop for inspectors to: “The method used by the Authority to collect the value added tax amount by documenting the business sector, its revenues and the costs of its operations, in addition to the importance of having it registered in the Authority’s tax system.”
The initial response to the fractions of VAT on smaller items was mixed. Some larger retailers like Carrefour said they would round up or down to the nearest 25 fils for cash only. Card charges would be for the exact amount.
The Fathima chain said it would be rounding prices down, and several smaller retailers, like corner shops, said they would decide on a case by case basis.
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When: Saturday, May 26, 10.45pm (UAE)
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Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
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Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
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Launch year: 2020
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Investors: Co-founders
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Install an air filter in your home.
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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.
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- Use unique usernames and passwords while enabling multi-factor authentication.
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
THE BIO: Mohammed Ashiq Ali
Proudest achievement: “I came to a new country and started this shop”
Favourite TV programme: the news
Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”
Family: six sons in Dubai and a daughter in Faisalabad
