The Gulf Cooperation Council for Arab States’ (GCC) Unified Selective Excise Tax and the Unified Value Added Tax (VAT) agreements have come into effect after ratification by the UAE, according to Emirates news agency WAM.
The General Secretariat of the GCC has received the UAE’s ratification documents for the two agreements. In a statement issued on Tuesday, the Secretariat, said: “The UAE is the second State to submit the two ratification documents to the Secretariat.”
The two agreements have become effective when the second state submits the ratification documents to the Secretariat, it added.
Hence, the GCC unified selective excise tax and the VAT agreements entered into force, the statement said.
Meanwhile, the Federal Tax Authority announced a selective tax of 100 per cent on tobacco and energy drinks, and 50 per cent on carbonated beverages that will be applied in the fourth quarter of this year.
The announcement was made by the FTA during its first meeting on Tuesday chaired by Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance.
The FTA meeting was attended by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, Younis Haj Al Khouri, Undersecretary at the Ministry of Finance, Sultan Ahmad Bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation, and other board members and senior officials.
The meeting also named Al Tayer as chairman of the FTA board… see more