The UAE Ministry of Finance announced amendments to some provisions of the Federal Decree-Law No 8 of 2017 on value added tax (VAT), which will be effective from January 1, 2023, according to state news agency Wam.
The amendments made are in line with international best practice in light of the GCC Unified VAT Agreement. They are based on experiences, challenges faced by various business sectors as well as recommendations received from relevant parties, Wam said.
The UAE in 2018 introduced 5 per cent VAT on a majority of goods and services as part of its plans to diversify the economy and reduce its dependence on oil.
The Emirates will also introduce a 9 per cent federal corporate tax on the profit of businesses from the financial year starting on or after June 1, 2023, the Ministry of Finance said on January 31.
A standard statutory tax rate of 9 per cent applies for companies, positioning the UAE competitively when compared with other financial centres and developed economies globally.
Some of the major amendments introduced by Federal Decree-Law No 18 of 2022 on the amendment of some provisions of Federal Decree-Law No 8 of 2017 on VAT include the following:
- Registered persons who make taxable supplies are allowed to apply for an exception from VAT registration if all of their supplies are zero-rated or if they no longer make any supplies other than zero-rated supplies.
- Setting a 14-day period to issue a tax credit note to settle output tax, in line with the time frame set for issuing tax invoices.
- The Federal Tax Authority may forcibly deregister registered persons in specific cases if deemed necessary.
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Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Killing of Qassem Suleimani
The years Ramadan fell in May
Company%20profile
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COMPANY PROFILE
Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
Series result
1st ODI Zimbabwe won by 6 wickets
2nd ODI Sri Lanka won by 7 wickets
3rd ODI Sri Lanka won by 8 wickets
4th ODI Zimbabwe won by 4 wickets
5th ODI Zimbabwe won by 3 wickets
