Picture used for illustrative purpose only.
Abu Dhabi National Exhibitions Company (ADNEC), on Thursday announced that it has obtained the Federal Tax Authority (FTA), License for waiver from Value Added Tax (VAT), for all international companies and organisations participating in or holding shows and conferences at its venues across the UAE with effect from June 1, 2019.
The VAT waiver covers exhibitions and conferences held over a period not exceeding seven days. The waiver also stipulates that recipients shall not have a permanent base or established business in UAE and shall not be registered or obliged to register in UAE as per the UAE VAT Law.
Speaking on the announcement, Humaid Matar Al Dhaheri, Group CEO of ADNEC, said, "The VAT waiver for ADNEC-hosted event organisers and participants will further stimulate the business tourism sector in the UAE through enhancing the competitiveness of our venues to host major international exhibitions and conferences. This move supports our strategy to attract new and world-renowned events to our venues and increase our direct and indirect contributions to the Abu Dhabi economy."
"The business tourism sector is a major contributor identified by Plan Abu Dhabi and Abu Dhabi Economic Vision 2030 to accelerate non-oil GDP growth. Through hosting more than 3,390 events and welcoming nearly 17.5 million visitors to date, our venues - Abu Dhabi National Exhibitions Centre and Al Ain Convention Centre - have delivered a direct and indirect economic impact of more than Dhs32 billion since ADNEC’s inception in 2005," he concluded.
"Refunding taxes for legally eligible applicants is a direct transaction between the registered business and the FTA, and does not call for any intermediaries."
The bulletin clarified that if an artist or influencer incurs any costs in providing a service and subsequently recovers that cost from its client, such reimbursement falls within the scope of VAT in the UAE.
In its 11th meeting, the Board of Directors of the Federal Tax Authority (FTA) approved financial statements for 2019, and adopted a number of executive decisions on the FTA’s organisation, administration, and operations.
WTS Dhruva Consultants, a boutique tax advisory firm and FTA registered Tax Agent with presence in the UAE, Saudi Arabia and Bahrain, has published another comprehensive guide on ‘Impact of Indirect Taxes on Retail Sector
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