Taxation

Dubai Metaverse Strategy. How to Navigate Metaverse Economy. The metaverse could contribute $3 trillion (€2.8 trillion) to the global GDP within a decade if it evolves in the same way mobile technology has in terms of adoption and would lead to a 2.8 per cent contribution to global GDP by…

EXTP007 -Excise Tax Public Clarification on deficient or missing goods within a Designated Zone and the process destruction of Excise Goods within a Designated Zone and requesting an Excise Tax relief EXECUTIVE SUMMARY On 21 June 2022, the United Arab Emirates (UAE) Federal Tax Authority (FTA) published a new Public…

VAT Public Clarification VATP029 on Gold – Making charges The Federal Tax Authority (FTA) has issued a new VAT Public Clarification VATP029 on Gold – Making Charge (“VAT Public Clarification VATP029”, “Public Clarification”) providing guidance on the application of the UAE VAT legislation regarding the fee received for the crafting…

VAT refund scheme in UAE makes it possible for eligible tourists to receive a portion of  VAT as a refund for products bought at registered stores. VAT amount can be claimed from an electronic system, at designated spaces, without any human interference. Once tourists submit the required documents, the digital system…

WHAT IS TAX FREE SHOPPING? Tax Free shopping is the purchasing of certain taxable goods in the UAE which will be exported (subject to terms and conditions) whereby shoppers can obtain a refund of the VAT charged on these goods, providing that they validate their purchases at the point of…

Foreign businesses / business visitors should check if they are eligible to make a claim for fund of VAT paid on the goods purchased or services purchased in/ from UAE. FTA has provided the guidance on how to apply for such business visitors VAT refund through ‘VAT Refund Scheme for…