Abu Dhabi – Mubasher: The Federal Tax Authority’s (FTA) board will be responsible for establishing a legal and legislative structure for the value-added tax (VAT), Emarat Alyoum reported.
VAT will not be postponed and is expected to be introduced in all the GCC countries from 2018, according to Younis Al Khouri, the Under Secretary of the UAE Ministry of Finance.
The UAE will implement VAT at the rate of 5% from 1 January 2018, Al Khouri previously told Gulf News.
VAT will have a positive impact on the UAE’s capital markets and business environment, Rashed Al Baloushi, the CEO of Abu Dhabi Securities Exchange (ADX) said few days ago.
