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Retailers warned against unjustified price hike
The Department of Economic Development (DED) in Abu Dhabi has warned it will monitor any price hikes after the UAE implemented value-added tax (VAT) from January 1 and asked consumers to report any violations and complaints.
The Department collected price details of products in 2017 from retailers and it will verify in the first quarter of 2018 to ensure that the price hikes are not beyond the permitted level in line with the implementation of five per cent VAT.
The UAE has levied VAT at five per cent following thorough research studies conducted by competent bodies at ministries and federal entities. Economists have projected that inflation in the UAE will marginally inch up due to VAT as the tax rate is one of the lowest in the world.
This is an excerpt of an article in the Khaleej Times which you can read here.