The UAE and other GCC countries are on the verge of executing the biggest fiscal programme in the region’s history, with the implementation of Value Added Tax across the bloc on 1st January 2018. British Centres for Business, UAE have prepared some helpful facts. You can read more about the context here.
What does this mean for UK companies doing business in the UAE?
1. Be prepared. Whilst the final shape of VAT (including exemptions, rebates etc.) is yet to be clarified, it is happening and you should start to plan accordingly, particularly around long-term contracts.
2. Follow the news. Much of the legislation around VAT is yet to be formalised and developments are likely to emerge piecemeal. The BCB/UAE will provide a monthly summary on recent VAT-specific news that they have gleaned (Click here for the first edition, for June 2017).