Guess what boys and girls it is about to get even more expensive to live in the dust bowl.
Article from Bayut recently, this along with a ZERO% pay increase this year just puts further nails into the coffin/ Sh*t bucket whatever your personal preference is.
Enjoy
VAT laws to be introduced in Q3, 2015Friday, July 03, 2015VAT laws to be introduced in Q3, 2015 The United Arab Emirates is seeking to augment state revenues and in order to do so, it is trying to complete the drafting of laws introducing corporate tax along with value-added tax in the third quarter of this year.
Ministry of Finance Under-Secretary Younis Haji Al Khouri said, “The draft of the corporate tax law and the value-added tax law has been discussed with the local and federal governments.”
He added that drafting was expected to be finished within the third quarter of the current year. However, it has been reported that the authorities are still evaluating the social and economic impact of the laws.
Al Khouri declined to comment on the precise date from when the new regulations were expected to take effect. He also refused to comment on the proposed tax rates.
The introduction of corporate tax and VAT in the UAE could prove to be a major shift in policy, and politically sensitive.
In the past that VAT was unlikely to be introduced before other countries adopted it, as the competitiveness of the UAE was in danger of being hurt and there could have been a surge in smuggling across borders.
Per a ministry report, the UAE cabinet has already approved versions of the two draft bills.