Abu Dhabi – Mubasher: The executive regulations for the UAE’s scheduled selective tax will be completed within a few days, Al Khaleej newspaper reported, citing statements by UAE Ministry of Finance (MoF) undersecretary Younis Al Khouri.
The executive regulations will be submitted to the UAE Cabinet for approval, the top official told the newspaper.
The ministry has also finalised the budget for 2018, Al Khouri revealed, noting that the new budget amounts to AED 48.7 billion ($13.26 billion).
Commenting on the selective tax, UAE Federal Tax Authority director general Khalid Al Bustani said he expects around 250 companies to register for the tax.
The selective tax will be implemented on products such as tobacco and soft and energy drinks, which are considered harmful to people’s health.
Goods subject to the selective tax will not necessarily be exempt from the value-added tax (VAT) whose implementation is slated for January 2018, Al Bustani added.
UAE finance minister Obaid Humaid Al Tayer recently said that the UAE was expecting around AED 2 billion ($544.5 million) in annual returns from the implementation of the selective tax on tobacco and its derivatives.
