Taxable and exempt products also yet to be announced
ABU DHABI 17 October 2017: UAE’s Ministry of Finance is still in the process of developing the executive regulations of Value Added Tax (VAT), according to a top MoF official.
“The ministry will share all information and data related to VAT and its taxable and exempt products – as well as the tax rate – once the executive regulations have been announced,” said Younis Haji Al Khouri, MoF Under-Secretary in statements to Wam on Monday.
The VAT rate on all taxable and exempt goods, exports and services is yet to be announced on the Official Gazette and it will be out exclusively through state-run media organs as well via the Mof Official Website,” he emphasised.
The Minsitry is implying maximum disclosure and transparency and its website is the only official media reference for all Excise Tax and Vat-related information and all other info taken through smartphones app or other means of communications should not be considered, he elaborated.
Al Khouri explained that some tax-related information has been wrongly attributed to MoF over the past period while they in reality relate to other tax systems in the region, such as that of the Kingdom of Saudi Arabia.
MoF has already announced the Executive Regulations of Federal Law No.7 on tax procedures and published them on the Official Gazette, including the taxable and exempted goods as well as their percentage rates.