Global Consulting Firm
The UAE Cabinet has decided to apply value added tax (VAT) refund system for tourists, consolidating amid retail outlets with the tax refund points, along with the efforts and attempts of government in order to accomplish the implementation of the tax system in United Arab Emirates, effectually. VAT consultants Dubai – considering the press statement, this new refund tax system will help in growing the tourists’ sector of UAE and will also help in maintaining its position as one of the best global destinations for tourists. Tax Refund System – Press StatementThe press statement also added that the implementation of the new tax refund system in UAE - beginning the fourth quarter of 2018, collaborating with the international company specialized in the services of tax recovery. VAT submission – the tourists (non-resident) will be eligible for refunding VAT on purchases made at retailer’s participation, providing that such products and goods won’t exempt from the new tax system – through designated refund outlets.
New regulation on VAT in UAE – the tourism sector is directly contributing to the local economy. Also, the number of passengers via the airports of UAE reached around 123 million passengers last year and the whole contribution of the tourism sector in the GDP of the country reached 11% last year, which is equivalent to Dh154.1 billion in UAE. Read More: VAT Refund System for Tourists in UAE is at its Final Stage
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