UAE is one of the Member States of the Gulf Cooperation Council (GCC). All GCC Countries have agreed to implement VAT latest by January, 2019 and in that direction, have already unanimously passed the Framework, which is consumption based model for common law. The Framework would be binding on all Member States who shall design their own VAT Law within it. Federal Decree-Law No. (8) of 2017 on VAT has been passed by UAE Government making the effective date of VAT implementation from January 1, 2018, and Executive Regulations when issued would lay down the procedural aspects of the Law.
The proposed implementation of VAT in UAE is akin to GST implementation in India in terms of new avenues and opportunity for professionals to prove themselves as caretakers of the financial health of the country. Let’s be harbinger of change vis-à-vis VAT in UAE.
Appreciating the dynamic changes taking place in the tax regime in UAE with proposed implementation of VAT from January 2018, the Indirect Taxes Committee of ICAI has come out with the publication titled “Background Material on UAE VAT”. This novel initiative of the Committee provides a comprehensive coverage of VAT law in simple and easy manner with tables, flow charts and illustrations etc. which allows the reader to easily comprehend the emerging law. ICAI, marking its global presence, through its Middle East Chapters which are planning to launch courses, seminars etc. to help the members as well as stakeholders of UAE for necessary knowledge dissemination and awareness.