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Abu Dhabi receives 2.6m hotel guests in 7 months Up to 2.6 million guests were welcomed by Abu Dhabi hotels during the first seven months of 2017, with a 4 percent uplift recorded last month, compared to July 2016, according to figures released by Abu Dhabi Tourism and Culture Authority, TCA.Around 400,

ADNOC to cut October oil supplies by 10 percent The Abu Dhabi National Oil Company, ADNOC, on Monday said it would cut its October 2017 crude supplies by 10 percent across its three export grades: Murban, Das and Upper Zakum, to meet commitments under an OPEC deal to curb output.In a statement Monday,

Dubai’s Nakheel to unveil projects worth AED3.2 billion at Cityscape Global 2017 Dubai-based master developer Nakheel is gearing up to unveil a diverse range of projects – collectively worth more than AED3.2 billion – at Cityscape Global 2017.Nakheel will launch six new residential, retail and hospitality developments at four of its c

Expo 2020 Dubai to display post-2021 development plans The future plans for the use of the Expo 2020 Dubai site after it closes its doors in April 2021 will be revealed at CityScape Global 2017, taking place at the Dubai World Trade Centre next week, from 11th to 13th September.The integrated development of t

AED151 billion invested by foreigners in Dubai property market in 18 months A total of AED151 billion was invested by foreigners in Dubai property market in 18 months, according to the Dubai Land Department.The DLD revealed the figure while announcing a list of the top10 nationalities that invested in the emirate's realty market

MBRSC submits official bid to host 2020 International Astronautical Congress in Dubai The Mohammed bin Rashid Space Centre, MBRSC, announced the submission of the official bid proposal to the International Astronautical Federation, IAF, to host the 71st International Astronautical Congress, IAC, in Dubai in 2020.The IAF will announce the I

UAE excise Tax effective October 1

The Excise Tax Law shall come into play effective October 1st, 2017, in the UAE, Ministry of Finance has told Emirates News Agency, WAM.
"The Tax shall impact all excise goods consumed inside the country, including all the country's free zones and ports," said Younis Haji Al Khouri, the Undersecretary of the Ministry of Finance, in exclusive statements to WAM.
"Commodities carried away out of the country by outbound travelers shall not be impacted by the tax, while those carried into the country shall be subject to the new law," he added.
The official statements come on the heels of the issuance of the Federal Decree-Law No 7 of 2017, whereby the tax shall be imposed on the "Excise Goods", which, along with the method of calculating the Excise Price, are subject to a decision by the UAE Cabinet, upon the recommendation of the Minister of Finance, provided that the tax rates do not exceed 200% of the Excise Price.
The Excise Tax, which in itself is an indirect type of taxation, will help build a healthier and safer society. This tax is set to discourage the consumption of products that negatively impact the environment and, more importantly, people’s health, while the revenues it generates will go towards supporting advanced services for all members of society.
Al Khouri said the Executive Regulations shall determine the procedures, controls and percentage of the tax, which he explained will reach 100 percent for to***co and energy drinks and 50 percent for sugary fizzy drinks. He affirmed that there are no other goods until now determined to be subject to the new tax.
As per initial estimates, the tax is forecast to generate up to around AED7 billion in annual revenues for the Federal Budget.
The Decree-Law also determines the specific dates for accounting for the tax, namely: the date on which the Excise Goods are imported, the date on which the Excise Goods were acquired by the Stockholder, if after the Decree-Law came into effect, or the date it came into effect otherwise, and in all other cases the date on which the Excise Goods were released for consumption. The release for consumption shall further be clarified in the Executive Regulation of the Decree-Law.

Etihad Airways becomes the official airline sponsor of Worldskills Abu Dhabi 2017 Etihad Airways has been announced as the official airline sponsor of WorldSkills Abu Dhabi 2017 the biggest vocational education and skills excellence event in the world.The event will bring more than 3,000 competitors and industry experts from up to 75 c

DEWA launches ‘8080 initiative’ to raise e-adoption rate to 80%

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Dubai secures business events with an economic impact of Dh375m The emirate is boosting efforts to host more international conventions

Abu Dhabi's inflation at 1.5% in July The inflation rate in consumer prices for the first seven months of 2017 was 2.0 per cent compared with the same period of 2016, according to data released by the Statistics Centre - Abu Dhabi (SCAD).The Consumer Price Index rose to 108 percent during the

Government spending amounts to Dh8.92bn in Q1 The actual spending of federal departments amounted to AED8.92 billion during Q1 2017, with a 100 percent budget ex*****on rate, according to a Ministry of Finance report.The Service Sector spending hit AED3.207 billion, which accounts for 36.96 percent o

Nakheel awards Dh430m worth of contracts for Dubai’s Deira Islands Master developer Nakheel has awarded four contracts, collectively valued at more than AED430 million, for Deira Islands, its new 15.3 square kilometre waterfront city currently under construction in Dubai.The contracts, covering islands A and B of the fou

President issues new Tax Procedures Law President His Highness Sheikh Khalifa bin Zayed Al Nahyan 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 de

UAE named ‘Stand Out’ country in WEF’s Digital Evolution Index 2017 The World Economic Forum, WEF, has released its Digital Evolution Index, DEI, for 2017, classifying the UAE as a "Stand Out" country with an overall score of 3.22, which makes it the most advanced market in the Arab world and 22nd on a global level.Stand

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http://www.emirates247.com/news/emirates/dubai-records-over-8-million-overnight-visitors-in-the-first-half-of-2017-2017-07-31-1.656927

Dubai records over 8 million overnight visitors in the first half of 2017 A record total of 8.06 million international overnight tourists arrived in Dubai during the first six months of 2017, reflecting a stellar 10.6 per cent increase over the same period last year.Figures released by Dubai’s Department of Tourism and Commerce

Dubai Chamber showcases UAE's potential at INNOPROM 2017 as an industrial hub The Dubai Chamber of Commerce and Industry recently participated in INNOPROM 2017, Russia’s largest international industrial trade fair, as part of its efforts to showcase Dubai’s potential as a global hub for emerging industries.The conference and exhibi

Agricultural plan for local crops supports goal of food security in Abu Dhabi The annual agricultural production plan being executed by the Farmers’ Services Centre represents local efforts to achieve sustainability in the agricultural sector, support the goal of food security in Abu Dhabi, and provide reasonable income levels for

National Petroleum Construction Company ranked 5th in MENA NPCC, a member company of SENAAT – Abu Dhabi, one of the UAE’s largest industrial investment holding companies, is ranked 5th in the annual list of Top 30 Engineering, Procurement and Construction, EPC, Companies in the Energy sector in the Middle East an

DEWA wins 3 International CSR Excellence Awards Dubai Electricity and Water Authority (DEWA) won three awards in the International Corporate Social Responsibility (CSR) Excellence Awards 2017.DEWA received the Gold Award in the Best Initiative category for its Emission Reduction Programme, the Silver A

RTA completes 85% of Phase 1 of Parallel Roads, opens project in Q4 of 2017 HE Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA), announced that the completion rate in the Parallel Roads Improvement Project - Phase 1 (Godolphin District) had reached as much a

UAE ranked third in global change readiness index Proving its full-fledged dynamic readiness for the increasing pace of change worldwide, the UAE has ranked third among the world's nations most prepared for change, according to the Change Readiness Index 2017.The index, produced by KPMG, an audit, tax an

http://www.emirates247.com/business/al-tayer-reviews-construction-work-at-phase-3-of-mbr-solar-park-2017-07-20-1.656538

Al Tayer reviews construction work at Phase 3 of MBR Solar Park Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), conducted a field visit to the Mohammed bin Rashid Al Maktoum Solar Park.The solar park projects and its various phases aim to achieve the targets of the Dubai Clean Ener

Dubai Department of Finance reduces charges on charities using ePay gateway In a move meant to disseminate awareness of the transformative impact of deploying digital technologies, the Department of Finance for the Government of Dubai has announced it will reduce charges levied on charities receiving donations across the emirate'

Developers with UAE-based projects to sell onsite at Cityscape Global for first time Cityscape Global will help developers with UAE-based projects to sell onsite to homebuyers and investors for the first time, in what is expected to be a turning point for potential buyers looking to make purchases at the three-day exhibition.Cityscape Glo

'Smart' money moving to 'green' financing, reveals new UN report Even though investments towards sustainable development in developing countries have fallen short by nearly $2.5 trillion each year, emerging financial products and encouraging policies illustrate that both public and private sectors are serious about cor

GCC businesses are still not prepared for VAT

With less than six months until the GCC implements value added tax (VAT), a new survey from ACCA (the Association of Chartered Certified Accountants) and Thomson Reuters has found that there is a significant lack of preparation and awareness among businesses in the region of how it will affect them.

The report, Are GCC businesses equipped for VAT?, has found that only 11% of respondents understand the impact that VAT implementation will have on their business, whilst 49% are yet to commence their impact assessment.

The report has also raised concerns about the advice and expertise available for businesses, with regional regulatory differences likely to test their finance and IT capabilities.

More than one third (38%) said they lacked in-house resources, whilst 44% described their resources as ‘limited.’

Meanwhile, 88% of organisations surveyed said they had not made any budget provisions for VAT in 2017 ahead of its implementation. Only one quarter (25%) said they had engaged with their tax advisor on the subject of VAT.

Responding to the report, Chas Roy-Chowdhury, Head of Taxation at ACCA, said, the lack of preparation is a concern; companies should be using the pre-implementation period wisely to understand compliance, legal obligations and the financial risk associated with VAT. While the overwhelming majority realise it will affect their business, only a minority have a clear plan of how to effectively manage such a significant fiscal reform.

Tax advisors and professional accountants connected to the region have been working hard to understand the changes and help businesses navigate the transition successfully. This process needs to start now, otherwise companies could risk fines and avoidable regulatory burden.

Businesses in the GCC should urgently seek out the guidance of tax advisors and create a roadmap to make themselves VAT ready for 2018.

Pierre Arman, Market Development Lead for Tax and Accounting at Thomson Reuters said: The introduction of VAT will introduce new revenue streams for government, encourage foreign investment and aid the diversification of the economy.

Yet its introduction should be seen as an organisation-wide challenge: it should not be left to finance and IT functions to manage overnight. Companies should also not wait until the laws and regulations are finalised to start the process; much of the preparation should be done already.

We hope this survey goes some way to informing businesses across the GCC about what they need to do to be VAT compliant, given we have only six months to go before the implementation date.

Over 330 people participated in the Thomson Reuters and ACCA VAT Readiness Survey from across the GCC region. The respondents were from a diverse range of industries including financial services, oil and gas, manufacturing and retail.

Oil up 1 percent, posts weekly gain of 5 percent Oil rose 1 percent on Friday, boosted as U.S. crude producers added only two rigs in the latest week and on signs of increased Chinese demand, but trading was volatile as global supply remained strong.Brent crude futures LCOc1, the international benchmark

DEWA completes 77% of Sustainability Substation at Expo 2020 Dubai Electricity and Water Authority, DEWA, has announced that the construction progress of Sustainability, the 132/11 kilovolt (kV) main substation at Expo 2020 Dubai, with conversion capacity of 150 megavolt-amperes (MVA), is 77 percent complete and is

UAE among world’s stand out digital economies: report The Fletcher School at Tufts University, in partnership with Mastercard, a leading technology company in the global payments industry, today unveiled the Digital Evolution Index 2017. The comprehensive research tracks the progress that countries have made

Abu Dhabi tops leading UK travel firm’s 'most wanted' list for 2017 Gold Medal, a leading UK travel company, has heralded Abu Dhabi as one of its most popular destinations for this summer following a surge in demand from British holidaymakers visiting the UAE.As a travel consolidator offering a variety of online travel se

Work on internal roads in RAK begins The Ministry of Infrastructure Development has begun executing the project of internal roads at the Bateen Al Samar Residential Complex in the emirate of Ras Al Khaimah.Its estimated cost is AED26 million and it is expected to be completed in the second q

Chartford Accounts Auditing is your guide to help companies in the UAE to prepare for VAT implementation, which can take between eight and 12 months. It may take longer if some of the activities are outsourced, for example IT.

1. Project preparation
Businesses need to prepare a project plan and secure the necessary internal and external resources and ensure the stakeholders in the business are informed, as VAT is not just a finance project. It affects all transactions and so touches every aspect of the organisation. VAT affects IT systems, finance, human resources, legal teams and even inter-organisation transactions. IT systems are integral to the process because they need to be updated to handle the VAT. Preparation will entail a cost that companies will need to be aware of.

2. Impact assessment
Businesses need to complete an impact assessment to understand VAT and its commercial effects, prioritise issues and prepare for implementation. This is a key step as it sets the foundation for implementation. The assessment looks at its various effects on the organisational, operational and financial levels. Typically, an impact assessment needs between eight and 12 weeks to complete and that leaves a relatively short time, no more than nine months, to affect implementation.

3. Design and implementation
Businesses need to design the systems and train their staff on the process requirements for VAT. They must implement necessary changes to systems, controls, reporting and governance. Based on the impact assessment, they need to develop a road map for identifying the changes required, understanding the scheduling requirements and planning for work. Implementing the changes across various levels in the organisation usually starts with mapping the transaction footprint to understand the VAT obligations of the business. This should form the basis for making changes across different verticals in the organisation such as IT, supply chain and human resources.

4. Registering and testing
Businesses need to register for VAT and test their business systems to ensure they are capable of compliance and reporting. Businesses need to integrate the changes made into the operations and train relevant staff about their new roles and responsibilities to achieve the desired result. Testing the VAT system, processes and controls during a “live” phase (expected from January 1, 2018) is important to allow for the complete and accurate completion of the first VAT return.

Value Added Tax Explanation
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DEWA awards contract for Phase 1 of Al-Sheraa Building to Dutco Balfour Beatty Dubai Electricity and Water Authority (DEWA) has awarded a AED 46 million contract for the first phase of the construction of its new headquarters, called Al-Sheraa, to Dutco Balfour Beatty, who offered the lowest bid and competed with 10 leading internat

Dubai non-oil foreign trade rises 2.7% to AED327 bn in Q1 2017 Dubai’s non-oil foreign trade grew 2.7 percent to reach AED327 billion in the first quarter of 2017, compared with the AED318 billion in the same quarter of 2016, according to the data published by Dubai Customs.H.H. Sheikh Hamdan bin Mohammed bin Rashid