Dr. Hadi Shahid is one of the Panelist for International Chamber of Commerce - Custom & Trade Facilitation Forum, Discussion on the Gulf Cooperation Council VAT implementation Framework:
The UAE government announced the establishment of a Federal Tax Authority in September of 2016, two years ahead of the planned launch of 5% Value Added Tax (VAT) in 2018. It is estimated that this will generate the UAE government more than Dh12 billion in additional revenue in 2018. During the first phase of the VAT implementation, companies with revenues between Dh1.87 million and Dh3.75 million will be provided with the option of registering for VAT. In the second phase of implementation, all companies will be legally bound to register under the Gulf Cooperation Council (GCC) VAT system. How does the UAE Government plan to assist companies in implementing the VAT system and how will it impact the local and international business community? Which products and services will be concerned by the VAT?
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