VAT to be introduced in UAE in 2018 @ 3-5%: Official

A senior official at the UAE’s Ministry of Finance (MoF) has confirmed that Value-Added Tax (VAT) will be introduced across the UAE and the GCC in 2018. Younis Haji Al Khoori, Undersecretary at the MoF, said that the GCC countries have agreed to unify their tax policies before the introduction of the VAT. Al Khoori reckoned that the UAE stands to earn estimated VAT revenues of between Dh10 billion and Dh12 billion in the first year of its application. He reiterated that this amount is after exempting sectors such as healthcare and education in addition to several food items of the new tax.   emirates247