Business owners across the Emirates have already embraced themselves for VAT massively. Historically, Dubai has operated based on one of the simplest taxation systems in the world. But with the intentions to reduce its sole reliance on oil-generated revenue, along with a strong motive to invest more in the economy’s infrastructure, the government has inculcated a reviving 5% VAT (value added tax). The similarly patterned tax is to be rolled out in the other four Gulf Cooperation Council (GCC) countries; yet, many company owners in the UAE are still in the phase of VAT registration process.
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