In its 11th meeting, the Board of Directors of the Federal Tax Authority (FTA) approved financial statements for 2019, and adopted a number of executive decisions on the FTA’s organisation, administration, and operations.
The UAE’s Gross Domestic Product, GDP, in constant prices, is projected to grow to Dhs1.501 trillion in 2020 from Dhs1.464 trillion in 2019 and Dhs1.442 trillion in 2018, said Obaid Bin Humaid Al Tayer, Minister of State for Financial Affairs, and Chairman of the Federal Tax Authority.
Self-service kiosks have been set up across all the ports included in the Tax Refunds for Tourists Scheme in order to allow tourists to recover Value Added Tax (VAT), when leaving the UAE.
Abu Dhabi National Exhibitions Company (ADNEC), on Thursday announced that it has obtained the Federal Tax Authority (FTA), License for waiver from Value Added Tax (VAT), for all international companies and organisations participating in or holding shows and conferences at its venues across the UAE with effect from June 1, 2019.
Under the provisions of the Corporate Tax Law, Corporate Tax will not be applied to salaries or other personal income from employment, whether it is earned from work in the government, semi-governmental or private sector.
The bulletin clarified that if an artist or influencer incurs any costs in providing a service and subsequently recovers that cost from its client, such reimbursement falls within the scope of VAT in the UAE.
The amendments were made are in line with international best practice in light of the GCC Unified VAT Agreement. They are based on past experiences, challenges faced by various business sectors as well as the recommendations received from the relevant parties.
WTS Dhruva Consultants, a boutique tax advisory firm and FTA registered Tax Agent with presence in the UAE, Saudi Arabia and Bahrain, has published another comprehensive guide on ‘Impact of Indirect Taxes on Retail Sector
The Federal Tax Authority, FTA, is finalising its preparations to implement Cabinet Decision No. (52) of 2019 on Excise Goods, Excise Tax Rates, and the Methods of Calculating the Excise Price,