The UAE will implement the VAT tax rate starting with January 2018, according to the requests and suggestions of the IMF (International Monetary Fund).
Improving the tax revenue collection in the Gulf Cooperation Council (GCC) has been on a debate by the International Monetary Fund (IMF) that considers a corporate tax of 15% might help in this matter.
The VAT for businesses in the UAE was on the debate last year by financial and economic authorities in charge, and according to the latest news, this kind of measure will be adopted on January 2018.
Businesses in the UAE are more than concentrated on developing their operations and preserving their situation and status on the market.
UAE is recognized for its desirable taxation system, as it is the state that enforces few taxes on individuals and enterprises.
The value added tax was introduced for the first time in France and after that, many other republics started to adopt this taxation system.
Dubai is a great destination for emigrants from across the world, not just for the chances it promises, but also for the attraction of living a ‘tax-free’ life.