A business pays the government the tax that it collects from the customers while it may also receive a refund from the government on tax that it has paid to its suppliers. The net result is that tax receipts to government reflect the ‘value add’ throughout the supply chain.
Dubai, as a part of the UAE, will be involved in developing a legislative framework for the tax, along with other countries in the Gulf Cooperation Council, (GCC) to ensure that the levy benefits and diversifies the local economy as planned. Make sure your business is prepared for the economic impact of the legislation, with the help of a professional VAT Tax advisor in Dubai – partner with Integrity Consulting Chartered Accountants today.