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Cabinet approves resolution on VAT refunds for exhibitions, conferences
The Cabinet has approved a resolution pertaining to the Value Added Tax (VAT) for Conferences and Exhibitions, in line with the government’s ongoing efforts to support this sector and to enhance the country’s status as a hub for Meetings, Incentives, Conferences & Exhibitions (MICE).
The resolution provides for granting the facilities involved in organising exhibitions and conferences the right to refund the amounts levied on providing such services, to guarantee ease of doing business and competitiveness in this sector. It supports, at the same time, the efficient implementation of the tax system, as per the best integrational practices.
The resolution aims to support the UAE’s MICE sector and to maintain the country’s global lead in this field, in the light of the facilities offered to develop the sector and the keenness to provide the conducive environment, infrastructure and legislative framework for doing business and to attract the world’s leading event oragnising companies.
According to recent statistics, MICE’s annual contribution to UAE economy stood at AED 2.39 billion and is anticipated to grow to AED 5.1 billion by 2020.