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الشارقة 24
Finance Ministry updates VAT rules
The UAE Ministry of Finance announced the issuance of Cabinet Decision No. (149), which amends certain provisions of the Executive Regulation of the Value Added Tax (VAT) Law issued in 2017. The aim is to simplify procedures and enhance transparency and efficiency in implementation. The amendments include clarifying procedures for recovering input tax, revising rules for the supply and import of medical products, regulating employee housing, expanding the scope of the Capital Assets Tax system, and improving the input tax apportionment mechanism to better match the nature of economic activities. The amendments also address the tax treatment of complex supplies, restrict VAT refunds in cases of cash payments exceeding limits set by the Minister of Finance, all to reduce the risk of tax evasion and promote compliance. These changes are part of the ministry's efforts to develop the tax system, increase competitiveness, and support the more efficient and transparent application of VAT.
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