Tax rates on goods and services are yet to be formally set, the UAE Ministry of Finance has said, ahead of the planned introduction of VAT on January 1.
Undersecretary Younis Haji Al Khoori said the ministry is still in the process of preparing the executive regulation of VAT, a news release read.
"UAE MoF is committed to working with the highest levels of transparency and disclosure and will publish all information related to VAT and taxable supplies once the executive regulation is issued in Official Gazette and published on the Ministry’s website," the statement read.
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The government plans to introduce VAT at a rate of 5 per cent - which has already been confirmed - on a wide range of items, particularly retail goods and big ticket items such as cars and white goods.
A full breakdown is due to be set out in the so-called executive regulations.
The statement from the ministry also quoted Mr Al Khoori as saying the Ministry’s website is the only official source for any information related to VAT and excise tax.
He said there are several announcements being circulated online that are in fact about Saudi Arabia's tax policy for VAT, rather than the UAE's.
