What is VAT?
VAT is a consumption tax levied on goods and services at each stage of the production and distribution process. It is ultimately borne by the final consumer but collected from businesses. VAT is charged on most goods and services supplied in the UAE, including imports. VAT is a common tax in many…
Overview of Fiscal Policy and Taxation in UAE
The UAE government has taken several steps to support the economy during the pandemic, including implementing stimulus packages and providing financial support to affected businesses. In 2020, the government launched an AED 256 billion ($70 billion) stimulus package that included measures such as fee exemptions, reductions, and…
Overview of accounting tax regulation in UAE
The UAE has a relatively simple and straightforward taxation system, with no personal income tax and a flat corporate tax rate of 50%. However, there are still a number of taxes that businesses must be aware of, such as Value Added Tax (VAT), excise tax, and custom duties.…