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© 2018 Paramount Consultancy



May 27, 2019

Discussions with bankers, businessmen, professionals reveal a pervasive sense of confusion as to what to make of the UAE economy and where it is headed. This leads to the question permanently on everyone’s lips: When will the economy rebound?

Unfortunately, this is the wrong question.

That economic headwinds are being faced is the obvious conclusion drawn...

July 9, 2018

The new addition sees the total designated zones increasing to 23 across the UAE.

The UAE's Federal Tax Authority (FTA) has added three new free zones to the list of designated zones that will be out of the five per cent VAT scope imposed earlier this year.

The new addition sees the total designated zones increasing to 23 across the UAE.

Federal Decree Law N...

July 4, 2018

Dubai: Federal Tax Authority (FTA) on Wednesday urged all UAE businesses registered for Value Added Tax (VAT) who missed the deadline for filing their tax returns to pay their tax dues immediately.

“Respecting the deadline to file tax returns and pay due taxes is a legal responsibility borne by the registered tax person,” FTA said in an advertisement.

In ca...

June 14, 2018

  • UAE Cabinet announces decision to abolish mandatory bank guarantee for labour recruitment and replace it with a low-cost insurance system. 

  • New visa facilitation procedures for visitors, residents, families & people overstaying their visa also adopted.  

  • UAE exemption of transit passengers from all entry fees for first 48 hours approved...

June 4, 2018

Abu Dhabi: Khalid Ali Al Bustani, the Director-General of the UAE’s Federal Tax Authority, on Wednesday said cabinet’s decision to decrease the impact of VAT on gold and diamond sector would allow the industry to thrive.

“This Decision from the Council of Ministers builds on the government’s efforts to facilitate the implementation of the tax system in the...

June 3, 2018

Dubai: Kuwait will not implement value-added tax (VAT) before 2021 but will push ahead with introducing excise tax, parliament’s budget committee said in a statement posted on the assembly’s website on Tuesday.

“The committee said implementation of value-added tax in Kuwait will be postponed until 2021, and that the finance ministry saw the need to expedit...

May 13, 2018

Abu Dhabi: The UAE Cabinet on Sunday has approved a decision pertaining to the refund of VAT on organisations involved in organising exhibitions and conferences.

The decision stipulates that facilities operating in the exhibitions and conferences sector are entitled to refund VAT imposed on the provision of services required for setting up these events.


August 17, 2017

Abu Dhabi: The UAE and Saudi Arabia will be the first countries in the Gulf Cooperation Council (GCC) to introduce Value Added Tax (VAT) from January 1 next year, a senior government official said on Tuesday.

“The UAE and Saudi Arabia will be the first countries to roll out VAT in the GCC from early 2018 while other Gulf countries have time till the end of...

August 7, 2017

President of the UAE, has issued the landmark Federal Law No. (7) of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA).

“The Tax Procedures Law is a significant milestone towards establishing the UAE’s tax...

June 28, 2017


Value added tax (VAT) is not just an accounting or tax challenge but it also impacts every part of the business with regard to cash flow, costing of capital, pricing of products and services, financial reporting, tax accounting and compliance processes. 


VAT is seen as an effective tool in r...

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