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.
"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.
Saeed Rashid Al Yateem, Assistant Under Secretary of Resource and Budget Sector at MoF affirmed that there are no plans or decisions at the moment to raise VAT to more than 5% in the UAE.
UAE has set a daily maximum limit of Dhs7,000 for cash refunds of Value Added Tax (VAT) for tourists applying through the Tax Refunds for Tourists Scheme.
The Federal Tax Authority (FTA) has ramped up its preparations ahead of implementing the ban on importing any type of waterpipe tobacco (known in Arabic as ‘Mu’assel’) and electrically heated cigarette plugs unless they carry the ‘Digital Tax Stamps (DTS)’ as of March 1, 2020.
The UAE’s Gross Domestic Product, GDP, in constant prices, is projected to grow to Dhs1.501 trillion in 2020 from Dhs1.464 trillion in 2019 and Dhs1.442 trillion in 2018, said Obaid Bin Humaid Al Tayer, Minister of State for Financial Affairs, and Chairman of the Federal Tax Authority.
The Asian defendant, 23, was on duty at a Dubai airport under a tax refund company when he stole Dhs97,703 value added tax (VAT) refunds belonging to departing tourists.
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.