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.
The bank said its balance sheet reflects strong performance and sound financial position, with total assets reaching Dhs46.4 billion at the end of 2019, 3.7 per cent increase in comparison to the Dhs44.7 billion achieved at the end of 2018.
Dr Ahmad Bin Abdullah Humaid Belhoul Al Falasi, Minister of State for Higher Education and Advanced Skills signed the agreement under which the UAE becomes an active member of the programme, which will extend for the next ten years, and aims to provide better skills and education for a billion people around the world.
Tourism, which accounts for about a quarter of Greece’s gross domestic product (GDP), will grow in 2020 despite the blow dealt to the sector last year by the collapse of British travel giant Thomas Cook, Tourism Minister Harry Theocharis said.