His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, has issued Decree No. 36 of 2017 on the Executive Regulations of Federal Law No. 07 of 2017 on Tax Procedures.
In addition, Shaikh Mohammad issued Ministerial Decree No. 38 of 2017 on the value of the tax imposed on products which are subject to the excise tax.
On August 21, President His Highness Shaikh Khalifa Bin Zayed Al Nahyan issued the Federal Decree-Law on Excise Tax, to be imposed on selected products.
As per Federal Decree-Law No. 07 of 2017, Excise Tax Rates that shall be imposed on the "Excise Goods".
The UAE's new tax system will provide extra support for the government to implement the vision of the UAE leadership and build a diversified and productive knowledge economy.
“The Federal Decree-Law issued by High Highness Shaikh Khalifa bin Zayed is the bedrock of the UAE’s planned tax system, which was designed to meet the most stringent of standards and best practices,” said Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of the Federal Tax Authority.
“The Value-Added Tax, which is set to be implemented across all GCC countries over the next two years, will bring a new revenue stream for the national economy and GDP.
This, in turn, will ensure consistency in the high quality of government services, to mirror the UAE’s advanced position on several global competitiveness indexes.”
Source: Gulf News