Executive Regulations on Value Added Tax (VAT) in UAE
Manu George Michael
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved the executive regulations of Federal Law No.8 of 2017 on Value Added Tax (VAT).
The regulations define VAT rules as 5 per cent tax is imposed on the import and supply of goods and services. It tackles the subject of registration, exemptions, the rules related to supply and defines profit margins. The regulation also explains how to calculate VAT based on profit margins, and addresses zero-rated goods and services.
Impact of Recent UAE VAT Amendment on Companies dealing in Hydrocarbons
In place of any hydrocarbons, the amendment clarifies that the reverse charge mechanism will only apply to Pure hydrocarbons.
UAE VAT Law Amendment Effective from 01.01.2023
On September 26, 2022, President His Highness Sheikh Mohamed bin Zayed Al Nahyan issued the Federal Decree-Law No.18 of 2022,
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