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. Bloomberg
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. Bloomberg
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. Bloomberg
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. Bloomberg

UAE Finance Ministry amends some provisions of VAT law


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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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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.

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Director: Joseph Kosinski

Rating: 4/5

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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.

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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

Updated: October 29, 2022, 6:36 AM`