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Economics

Do not pay VAT if your bill doesn't have these

Dubai: The tax authority wants the following elements to be compulsorily mentioned on the bill, that is the amount paid as Value Added Tax (VAT) and also the tax registration number of the establishment. A tax invoice must include the name and address of the establishment. An invoice must have …

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VAT could mean higher costs for banks

Tax could impact profits of banking sector Dubai: The new tax law and the executive regulations point to a system that UAE banks and financial institutions will have both exempt as well as taxable supplies. This means that value-added tax (VAT) incurred on common costs and general overheads such as …

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Apple apologizes for secretly slowing older iPhones

But insists the move was necessary to avoid unexpected shutdowns related to battery fatigue. Image Credit: Reuters Apple CEO Tim Cook stands in front of a screen displaying the IPhone 6 during a presentation at Apple headquarters in Cupertino, California October 16, 2014 SAN FRANCISCO: – Apple apologized for secretly …

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UAE participates in Arab League meeting on GAFTA

Tue 26-12-2017 19:11 PM CAIRO, 26th December, 2017 (WAM) — The UAE is currently participating in the 44th meeting of the implementation and follow-up committee of the Arab League Economic and Social Council, which started today in Cairo at the level of high-profile officials, to discuss efforts of the pan-Arab …

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Airline tickets, cargo to be zero-rated under VAT

While air fares, on-board products will not be taxed, some on-ground services will be Dubai: If you’re worried about higher prices next year as Value-Added Tax (VAT) gets rolled out across most product categories, you can expect some respite in the aviation industry. According to article 33 of the executive …

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