British Centres for Business
501, 5th Floor
Block B, Business Village,
Port Saeed, Deira,
PO Box 123885
The UAE and other GCC countries are on the verge of executing the biggest fiscal programme in the region’s history, with the implementation of Value Added Tax across the bloc on January 1st2018.
You can read more about the context here.
What does this mean for UK companies doing business in the UAE?
1. Be prepared. Whilst the final shape of VAT (including exemptions, rebates etc.) is yet to be clarified, it is happening and you should start to plan accordingly, particularly around long-term contracts.
2. Follow the news. Much of the legislation around VAT is yet to be formalised and developments are likely to emerge piecemeal. The BCB will provide a monthly summary on recent VAT-specific news that we have gleaned (see below for the first edition, for June 2017).
3. Look for the opportunity! Both the authorities and private companies will need ongoing professional support to implement & run all VAT-related systems & processes. Commercial opportunities will emerge for UK companies with credentials & expertise in this area.
We recently welcomed our first tax advisory firm into the BCB’s unique market-entry incubator; we’re also providing Trade Services support to another British tax specialist to help them better understand their market prospects here. If you’re also in the business of tax, please get in touch.
VAT in the UAE: June 2017 update from the BCB.
Click here to read the latest news and information that we’ve gleaned on the subject this month.
Our Incubation Service
Looking to set up in Dubai or Abu Dhabi? Read about our incubator scheme here and get in touch with us if you have any questions.
Meet the team: Tamreez Inam
Tamreez talks about her work experience with NGOs in Pakistan, her time in the UK and her life now in Dubai. Meet Tamreez!