U.A.E. Decree-Law Issued for VAT Regime

On 28 August 2017, the United Arab Emirates Ministry of Finance announced the issuance of Federal Decree-Law No. 8 of 2017 for the introduction of the value added tax regime, as agreed to by the Gulf Cooperation Council (GCC) Member States. The VAT regime will be effective 1 January 2018. Key points include:

• All supplies of goods and services are subject to VAT at a standard rate of 5% with the exception of specific supplies that are zero-rated or exempt;
• Zero-rated supplies include:
  • Export…