By: Ramy Sameeh
Abu Dhabi – Mubasher: The UAE intends to set a plan for implementing the value-added tax (VAT) before the end of 2016, Khalid Al Bustani, assistant undersecretary for international financial relation at finance ministry, said.
“We will announce the VAT implementation steps before the end of this year, while companies will prepare themselves for it starting from 2017,” Al Bustani said in a press conference in Abu Dhabi.
The UAE expects a return ranging from AED 10 billion to AED 12 billion ($2.7 billion to $3.3 billion) in the first year of implementing the VAT.
Eventually, the VAT will be implemented among the GCC countries in 2018, he added.
Translated by: Ingy ElSafy
