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FINANCIAL NEWS
VAT to generate USD5.4bn in UAE by 2018
21 Dec 2016
(MENAFN) The value added tax (VAT), will be implemented from Jan 1, 2018, is predicted to generate Dh12bn in the first year, while incomes will reached Dh18bn and Dh20bn.
Meanwhile, the UAE will start applying a value added tax of 5 percent from the cited period, while the introduction of other revenue measures are not consideration for the time being.
In addition, firms in the UAE that post annual profits over Dh3.75mn will be obliged to record under a VAT system and will be taxed.
Moreover, companies whose incomes range between Dh1.87mn and Dh3.75mn will have an option to either record under the system or not amid the first phase of the system.
M
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