| Trade Issue | ||
| UAE delays introduction of VAT until 2010 - 20 Aug, 2008 | ||
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Khaleej Times reported that the introduction of a 3% value added tax in the UAE widely expected to happen in 2009 will be delayed by 1 year. Mr Saeed Khalifa Saeed Al Marri deputy director & general of the UAE Federal Customs Authority was quoted by Bloomberg as saying that replacing import tariffs with VAT might not be possible unless all 6 GCC countries adopt the system together. He said that "VAT has not yet been approved. The government is studying the impact and wants to know all the positives and negatives so it might not do it at all, may be by 2010. He said that the UAE would not introduce VAT until at least 2010 is contrary to the views expressed by Dubai Customs officials. Mr Ahmad Butti Ahmad Dubai customs director & general said that federal lawmakers were drafting legislation for VAT's implementation early 2009. He added that "All the details and the date of introducing the new taxation system are yet to be finalized at the federal level." Mr Al Marri said that “If we reach the point where it might come into effect, that means we have to study all the procedures, because it will affect the customs union and it will affect even the whole customs work in the UAE.” According to analysts, a 3% VAT, which is expected to replace customs duties will not have any major impact on UAE's inflation currently skirting an all time high of 12%. They said that “As VAT is going to replace the current customs duties amounting to 5%, it will ensure price stability and help check further rise in inflation." | ||
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