Abu Dhabi – Mubasher: The introduction of value added tax (VAT) in the UAE by 1 Januray 2018 is likely to slightly affect inflation rates and commodities prices, Obaid Humaid Al Tayer, Minister of State for Financial Affairs said in a statement.
The VAT will be applied gradually to citizens and other residents, Al Tayer noted.
The new law is expected to be introduced in all the GCC countries as of 2018, in line with the decline of oil and gas prices.
