Photo used for illustrative purposes.
According to the decision 30 per cent of the revenue will go to the federal government, and 70 per cent to the local governments.
The decision ensures the sustainability and the quality of government services. It also contributes to the development of economic and social projects and public services.
The VAT was introduced in the UAE on Jan.1, 2018. The rate of VAT is 5 per cent. VAT provides the UAE with a new source of income which will be continued to be utilised to provide high-quality public services.
The United Arab Emirates, which includes Dubai, was given a clean bill of health, lifted out directly from the blacklist after rushing through reforms.
A new shipment of cigarette packets marked with the Digital Tax Stamps approved by the Federal Tax Authority (FTA) has made it to Dubai. The Stamps will be electronically tracked to ensure Excise Tax due on tobacco products has been settled. In a press statement issued on Saturday,
Recent measures in Pakistan to widen the tax net, initiating a number of proposals like an amnesty scheme to allow people to declare their ‘unknown’ assets, and changes in tariff in many services and products, have created confusion among the Pakistani expatriates in the UAE.
India’s Supreme Court cleared the path on Friday for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, following a legal tussle that has dragged through
Emaar Development , the UAE build-to-sell property development business majority-owned by Emaar Properties, reported on Thursday the financial results for the nine-month ending 30th September 2019.
With electrification and automation emerging as the core of all discussions taking place at this year’s edition of the Dubai International Motor Show, battery-powered cars are taking the motoring industry by storm.