Increasing the price of most goods and services by about 5% will act as a further disincentive to consumer spending so in the early days following the introduction of the new value added tax
system it is likely that retailers may reduce their profit margins and absorb some or all of the VAT costs with a view to maintaining the sales volume required to sustain their businesses, he said.
Value added tax
law which according to the 85th paragraph of IRBL is passed from Islamic republic of Iran parliament economic commission in 7th may 2008.
Since July 2000, the European Commission has been reviewing various proposals in the value added tax
In 1993, an AICPA task force began a study of tax reform alternatives, including the flat tax, value added tax
, national sales tax and consumer income tax, with the goal of recommending a policy position.
While supporting the need for a value added tax
, many VAT proponents have expressed concern for potential incidences of abuse that such a tax may allow.
The value added tax
on locally produced wines including pure ethyl, converted wine, fresh grape juice, spiritual alcoholic beverages , sweetened and aromatic wine hits about L.E 349 million, compared to L.E 146 million in the prior fiscal year, with an increase of L.E 203 million.
The SVP of FPCCI elaborated that although the raw material, either imported by commercial importer or industrial importer is ultimately consumed in industries large, medium or small however, commercial importers were subject to Minimum Tax @ 6% and 3% value added tax
at source whereas industrial importers were required to pay income tax @ 5.5% adjustable and no value added tax
Manama, Dec.3 (BNA): The Finance Ministry held a workshop on the basic components of the Value Added Tax
"I rise to oppose this just before we vote I want all members to know what they are voting for the value added tax
on section five it says that if we give 8 per cent in the next one week, the CS will increase it by 25 per cent," he said.
The workshops, which were attended by accountants and financial experts from several sectors, presented many views on value added tax
and the readiness of the tax administrators to meet the challenges of the managing the new tax including processing the large volume of returns, responding to the numerous tax queries, and looking after the taxpayers' accounts.
The Federal Tax Authority (FTA) has confirmed that all purchases made through online shopping portals are subject to the same 5 per cent Value Added Tax
(VAT) as any other purchase made through traditional outlets if the products purchased online are received within the UAE.
Muscat: Draft agreements for the standard GCC value added tax
and excise tax were reviewed by a Majlis Al Shura panel on Tuesday.