President of the UAE, has issued the landmark Federal Law No. (7) of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA).
Up to 49 per cent of GCC businesses are not ready for implementation of value added tax (VAT), a new survey has found. The GCC states plan to impose VAT at a rate of 5 per cent from January 1, 2018.
Saudi Arabia’s Shura Council has approved the draft of value-added tax (VAT), a major step forward in levying of sales tax in the kingdom, which is at the heart of the government’s push to generate revenues through alternative sources as windfall from oil dwindles.