Dubai: Value Added Tax (VAT) was introduced in the UAE from January 1, 2018. If you are new to the UAE and unaware about the type of tax it is, how you would get affected by it and whether you can receive a refund on VAT, read on to find out all you need to know. What is VAT? VAT is a tax on the transactions of goods and services, applied at each stage of the supply chain and is…

The move comes as the global Islamic banking sector continues to defy the downward trend and expands its global presence. According Thomson Reuters, Islamic finance assets is expected to reach $3.9 trillion (Dh14 trillion) by 2023, up from US$2.2 trillion (Dh8 trillion) in 2016, despite the Covid-19 pandemic. Islamic banks with strong Shariah compliance and real asset-backed lending, have emerged stronger after every financial crisis that have exposed the weaknesses of the conventional banking systems. That’s why, the number of…

Medical equipment like disposable suits, hand sanitisers, face masks, respirators for air purification and gloves will be subject to zero-rated value-added tax (VAT) in the UAE. A resolution stipulating this was adopted by the UAE Cabinet on Tuesday to mitigate the repercussions of Covid-19 and support the healthcare sector in the country. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, chaired the meeting at Qasr Al Watan in Abu…