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UAE Cabinet approves VAT Executive regulation
The UAE cabinet on Monday, 27 September, approved the executive regulation, which is expected to provide final details on how VAT will impact various goods and services.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, signed the Executive Regulation for VAT.
The United Arab Emirates cabinet on Monday approved the executive regulation of the value-added tax (VAT) that is expected to include all of the remaining details on the new tax’s impact on goods and services.
The UAE cabinet issued decree Number 52 of the year 2017 concerning the executive regulation of the Federal Law No. 8 of 2017 on value-added tax, which outlines the supply of goods and services in all cases, including supply in special cases.
According to the statement, the VAT executive regulation will also define details on mandatory and optional tax registration, as well as tax groups, exemptions and details on deregistration.
It will also include details on the tax due dates, where charges will be incurred, tax refunds and penalties in case of violations.