UAE – Value-added Tax (VAT) will continue being the primary revenue-generating tax for the UAE for the next few years, according to a report published by WTS Dhruva Consultants on the occasion of the fifth anniversary of VAT.
The total revenue distributed at the state level in the UAE for VAT has amounted to over AED95.4 billion ($26 billion), since its implementation in 2018 till October 2021, according to media reports.
The likely implementation of e-invoicing and the increase in the VAT rate will further reinforce the need for businesses to ensure that their VAT affairs are in order, says WTS Dhruva report.
Source: zawya.com
Latest Posts in "United Arab Emirates"
- UAE E-Invoicing Compliance: Peppol 5-Corner Model, XML Standards, and FTA Reporting Deadlines
- UAE E-Invoicing Guidelines: Scope, ASP Selection, Mandatory Fields, Roles, Onboarding, and Compliance
- UAE Implements Unified Tax Penalty Framework to Encourage Compliance and Reduce Fines by 2026
- UAE Releases Electronic Invoicing Guidelines Version 1.0 for 2026 National Rollout
- UAE Ministry of Finance Issues Mandatory Electronic Invoicing Guidelines and Penalties for Businesses
