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VAT to 'raise standards of living'

VAT to 'raise standards of living'

Old May 18th 2008, 5:54 am
  #1  
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Default VAT to 'raise standards of living'

Latest from the propoganda machine

http://www.arabianbusiness.com/51951...ards-of-living


"VAT to 'raise standards of living'
by Lynne Roberts on Sunday, 18 May 2008
NEW ERA: The UAE will introduce VAT some time in the next year, with all GCC countries implementing the system within five years. (Getty Images)Dubai Customs said on Saturday the introduction of a value added tax (VAT) system in the UAE and wider GCC would strengthen the economy and raise standards of living across the region.

Comments by an International Monetary Fund (IMF) official predicting VAT would increase inflation by 2% contradicted an IMF report which encouraged speedy implementation of the system to boost the economy, an official said, reported state news agency Wam.

A statement by Mohsin Khan was “based on personal speculation”, and did “not reflect the report’s advice”, said Abdulrahman Al-Saleh, an executive director at Dubai Customs.
<<snip>>

Last edited by Bob; May 18th 2008 at 8:09 pm. Reason: copyright
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Old May 18th 2008, 5:58 am
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Default Re: VAT to 'raise standards of living'

Old news regurgitated..

VAT will have far reaching implications for businesses here - not least in accountability.

The date that VAT will be put into practice will have to be announced way in advance (a year, maybe more), to enable businesss to put in place adequate process.

I doubt it will actually be charged until end of 2009 at earliest.
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