OVERVIEW OF VAT

Value Added Tax is known as VAT. This type of tax has been imposed in 150 nations, including the European Union (EU), the United Kingdom, Canada, New Zealand, Australia, Singapore, Malaysia, and others.

When buying the majority of goods and services in the United Arab Emirates in 2018, consumers are expected to pay a value-added tax of 5%. In order to lessen the financial burden on petroleum products, the six Gulf Cooperation Council (GCC) governments have decided to impose a value-added tax (VAT).

Businesses in the UAE will now be subject to VAT, much like in other developed and developing nations. Businesses will need to comprehend and use VAT by January 2018, which will be a significant paradigm shift.

Contact compute capitals to learn more about VAT.