DUBAI 22 December 2017: A report on ‘The Behaviour and Sentiment: Understanding Food & Beverages’ revealed that the 92 per cent of consumers are well-informed on the coming Value Added Tax (VAT), in the UAE.
The report was conducted by Food and Beverage Manufacturing Business Group (FBMG), in collaboration with global information and measurement company Nielsen.
Saleh Abdullah Lootah, Chairman of FBMG, said, “The food-and-beverage, F&B, sector is one of the largest and most important economic subdivisions in the market today, not to mention that it gathers one of the biggest community of businessmen and women of any individual sector. The sector is closely related to the economic developments taking place across the region and reacts to both expansions and recessions.”
“We set out to examine the effects that the VAT will have on the sector. We selected to focus on in our Behaviour & Sentiment: Understanding Food & Beverages report given, first and foremost, the importance of the tax itself as a tool to diversify and strengthen the UAE economy, but also because we believe it is paramount that we raise awareness about the upcoming tax in society at large, and within the business sector, in particular,” he added.
The report seeks to offer a solid and accurate foundation for F&B professionals and decision makers to develop ideas on where to invest and how best to serve the diverse consumer base.