VAT’s UP

VAT’s UP

No delay to UAE’s VAT launch despite plea, says tax chief

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The UAE is fully committed to introducing VAT on January 1 despite calls for it to be put back by a senior banker, it was announced on Wednesday.

Khaled Al Bustani, director general of the Federal Tax Authority, said in an interview with Arabian Radio Network that there would be no delay to its implementation.

He also said the authority is seeing a surge in registrations as the deadline for companies to register for VAT looms.

 His comments come just days after AbdulAziz Al Ghurair, chairman of the UAE Banks Federation, called for the VAT launch to be postponed.

He claimed financial institutions in the UAE are not yet ready and needed more time to prepare.

But Al Bustani insisted there “is no discussion” about delaying agreements to bring in the new tax in the new year, adding that the law surrounding VAT clearly states that January 1 2018 is the start date.