It’s been a year since the introduction of the VAT….
11 December 2018| Last updated on 11 December 2018
You’ll never guess the number
Earlier in 2018, news broke out about the introduction of VAT – value added tax – on products and service in the UAE.
And it was in April that the UAE government announced that tourists will be able to claim their VAT on goods purchased in the country while travelling back.
According to Federal Decree-Law No. (8) of 2017 on VAT, as well as the conditions, constraints and procedures outlined in the Law's Executive Regulations, any tax incurred on a supply or import made by a non-taxable person conducting business but not residing in the UAE (or any other country implementing VAT) shall be refunded to the said person.
It was released on Monday the exact number of VAT refund transactions that take place in Dubai every day, announced by the Federal Tax Authority (FTA).
Coming close to 6,903 transactions being processed every day – 3,800 are digital while the rest is done in person.
In efforts to attract more and more tourists into the country and for the Expo 2020, which is around the corner…this tax refund scheme is functioning with high efficiency and is already seeing results.
How much is refunded every day?
If you’re wondering the money behind almost 6,903 tax refund applications then it comes close to AED925,187 per day in the UAE.