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Thursday, February 25, 2016

IT'S FINAL, UAE and GCC To Implement 5% VAT BY 2018

The Gulf Cooperation Council or GCC through Obaid Humaid Al Tayer, Minister of State for Financial Affairs, confirmed that value added tax or VAT of 5% will be implemented in the GCC countries. 
He 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."
In the announcement he added, “There’s a span of one year flexibility given the readiness of each country."

UAE implementing the VAT on January 1st 2018 while other GCC countries have the option to implement this on January 2019 depending on how ready they are. 

The UAE will impose 5% Value Added Tax while exempting 100 food items, (probably lists will be release by June 2016) including exemption in healthcare and education.