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UAE: 5% VAT Set to be Implemented from 1 January 2018, exemptions allowed

The government is planning to introduce a 5% value added tax (VAT) on goods and services with effect from 1 January 2018. While it is yet to specify the complete list of goods and services to be subject to VAT, healthcare and education services will be exempted.

The government has indicated that only businesses with a minimum annual turnover of UAE Dirham 370,000 (US$100,716) will have to register for VAT, sparing smaller companies from the extensive paperwork associated with VAT registration. Further details about the country’s upcoming VAT regime are expected in the coming months.

Content provided by Picture: HKTDC Research
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