Expo 2020 Dubai to help drive VAT revenues over $8bn this year

Date: 14 Aug, 2019 External URL: https://www.arabianbusiness.com/politics-economics/425747-expo-2020-dubai-to-help-drive-vat-revenues-over-8bn-this-year Increased spending on Expo 2020 will help value added tax (VAT) revenues in the UAE push to over $8 billion (AED30bn) this year, according a Dubai-based tax consultancy. Revenues will also be boosted by a growth in retail, hospitality, aviation and shipping, but Rajiv Hira, chairman, RHMC Management Consultants, […]

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Federal Tax Authority launches new electronic system to register excise goods

Date: 17 Aug, 2019 External URL: http://www.wam.ae/en/details/1395302780330 The Federal Tax Authority,FTA, has launched a new electronic system for registering excise goods as part of its plans to continuously develop the tax system as a whole, and excise tax procedures, in particular. In a press statement issued today, the authority explained that the new system offers accurate […]

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New UAE tax rule on two products from November 1

Date: 19 Aug, 2019 External URL: https://www.khaleejtimes.com/business/local/fta-to-implement-phase-2-of-tobacco-marking-scheme The Federal Tax Authority (FTA) is ramping up its efforts in preparation to implement the second phase of the ‘Marking Tobacco and Tobacco Products Scheme’, where it will be expanded to cover waterpipe tobacco (known in Arabic as ‘Mu’assel’) and electrically heated cigarettes as of November 1, 2019. Digital […]

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Sugary drinks to cost more in UAE from January 2020

Date: 20 Aug, 2019 External URL: https://www.khaleejtimes.com/news/government/sugary-drinks-to-cost-more-in-uae-from-january-2020- The UAE will levy excise tax on additional sugary and smoking products from next year in order to reduce consumption of these unhealthy products linked to chronic diseases. The UAE Cabinet has approved a proposal to impose 50 per cent excise tax on products with added sugar and sweeteners, […]

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MoF announces amendment of the Cabinet Decision on excise goods, rates

Date: 21 Aug, 2019 External URL: http://www.wam.ae/en/details/1395302781065 In order to direct efforts towards reducing the negative effects of harmful consumption patterns, the Ministry of Finance announced the details of the amendment of Cabinet Resolution No. (38) of 2017 regarding excise goods, excise tax rates and the formula to calculate the excise price. In addition to the […]

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Expo 2020 will drive VAT in UAE by US$8bn

Date: 21 Aug, 2019 External URL: https://www.intergameonline.com/coin-op/news/expo-2020-will-drive-vat-in-uae-by-us8bn Dubai’s Expo 2020 will drive VAT revenues over $8bn this year, according to Rajiv Hira, chairman, RHMC Managing Consultants. However the large increases would not be sustained long-term. Hira, in a newspaper interview in the Arabian Business, said that over 300,000 businesses and tax groups registered for VAT would […]

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UAE Cabinet to expand list of excise taxable products in January 2020

Date: 21 Aug, 2019 External URL: http://wam.ae/en/details/1395302780784 In a step to reduce consumption of unhealthy goods and modify consumers’ behaviour, the UAE Cabinet adopted a decision to expand the list of excise taxable products to include sweetened beverages, sugary drinks and electronic smoking devices, starting 1st January 2020. According to a statement released by the Cabinet […]

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FTA begins procedures on updated excise goods

Date: 24 Aug, 2019 External URL: http://www.wam.ae/en/details/1395302781424 The Federal Tax Authority, FTA, has begun carrying out procedures related to implementing the latest Cabinet Decision on Excise Goods, Excise Tax Rates, and the Method of Calculating the Excise Price, issued in August 2019, which expanded the scope of excise goods to include electronic smoking devices and liquids, […]

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