6 Things All you need to know about VAT

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Things All you need to know about VAT
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What is VAT?
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• VAT will be another source of raising revenues
  for governments in the Gulf Cooperation Council
  (GCC).

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1 Date of implementation January 1, 2018
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2 VAT rate 5
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3 What are exempted 100 types of staple food,
and other essential service sectors such as
healthcare and education
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4 What are not Electronics, smartphones, cars,
jewellery and watches, eating out and
entertainments
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5 Inflation fears It will have minimal impact on
residents with less appetite for luxury goods,
services and lifestyles.
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6 Common man While the impact of tax on property
transactions will be limited to the wealthy or
those above upper middle income group, a likely
hike in the cost of financial services will hit
the common man.
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TsaAdvisory, tax optimization, implementation,
and training services in the UAE and throughout
the GCC. Our team of senior qualified tax
advisors, finance experts, and tax accountants
will ensure timely and cost-effective VAT
services for SMEs.

For more information visit https//tsaadvisory.co
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