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In the UAE adopted a new tax law


				09.08.2017
						

In the UAE, the federal law No. 7 of 2017, which is fundamental for tax procedures, was signed. It regulates a clear set of general procedures and rules that should be applied to all tax laws in the UAE (VAT and Excise Tax Laws) and clearly identifies the relevant rights and obligations of the Federal Tax Authority (FTA) and the taxpayer. The date of the entry into force of the Law has not yet been announced.

The new law is the basis for the UAE plan to introduce taxes "as a means of ensuring sustainability and diversifying the economy." Previously, Federal Decree-Law No. 13 of 2016 had already been adopted. On the establishment of the Federal Tax Authority (FTA), which is charged with implementing tax legislation in the UAE.

The main provisions of the new law:

 Any person involved in any type of business should keep accounts and commercial books "fixing" tax-related information as defined by law. Tax returns, data, information and documents must be provided to the tax authority in Arabic.
 It is necessary to keep financial statements for the last 5 years.
 In accordance with the law, a register of tax agents is created in the tax authority, in which files for each agent documenting its actions will be stored. It is not permissible for any person to practice the profession of tax agent in the UAE.

We remind that the UAE will introduce VAT at the rate of 5% from January 1, 2018. Tax in the UAE will not be subject to basic food products (94 items), medical and educational services.

A source: http://www.wam.org.ae/en/details/1395302625390

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