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Value added tax could earn UAE $1.8 billion a year
UAE may have VAT in place as early as 2012, bringing in revenues of as much as $1.8 billion annually, according to analysts.
April 12, 2010 3:48 by kippreport
The introduction of value added tax, expected as early as 2012, could earn the UAE government $1.8 billion a year, according to a report in Monday’s The National.
“A five percent value-added tax in the UAE would double the revenues they get from customs duties,” The National reported Monday, quoting adviser to the Prime Minister’s office, Ehtisham Ahmad.
Obtaining a consensus among GCC countries regarding details of the new tax system is a priority, in order to “strengthen the common market,” The National reports.