The UAE government is still in the process of preparing the executive regulation for value-added tax (VAT) and the rates on supply of goods and/or services and exports are yet to be determined, said a top Ministry of Finance official.

The 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 in the Ministry’s website, stated Younis Haji Al Khoori, the undersecretary of Ministry of Finance.

The ministry will publish the executive regulation on VAT as soon as it is issued, he added.

Al Khoori pointed out that the ministry’s website was the only official source for any information related to VAT and excise tax. Once ready, all concerned parties will be informed through official channels including the ministry’s website, official gazette and media publications, he stated.

He cautioned the businesses on the incorrect information being circulated on social media channels and asked them to ignore them.

The ministry had previously announced the executive regulation of federal law No. (7) of 2017 on tax procedures, which aims to clarify several topics including keeping accounting records and commercial books related to tax purposes, period of record-keeping mechanism and saving.

MoF also announced the executive regulation of federal Law No. (7) of 2017 on excise tax, which identifies liability to tax, tax registration and exception methods, rules of tax payment, with a detailed explanation about exemption for exemption for selective goods, remarked Al Khoori.

In addition, the UAE Cabinet issued the Decision No. (38) of 2017 on excise goods, excise tax rates and the methods of calculating the excise price, he added.-TradeArabia News Service