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.
Sterling steadied around $1.29 on Friday as dealers took a breather at the end of a dizzying week and on the eve of a vital vote on UK Prime Minister Boris Johnson’s Brexit deal.
China’s third-quarter economic growth slowed more than expected and to its weakest pace in almost three decades as the bruising US trade war hit factory production, boosting the agenda for Beijing to roll out a fresh fiscal support shortly.
Indian markets gained during the early trade on Friday as investors bought company shares with significant business in Britain after EU and Britain reached a new Brexit.
The Abu Dhabi Department of Energy (DoE) is preparing to take part in Dubai’s ‘Green Week’ event next week, as it also joins the 21st edition of the Water, Energy, Technology and Environment Exhibition (Wetex) as a ‘Diamond Sponsor’.