• EU uncovers US$2.3-billion cross-border tax fraud

    The EU announced the discovery of a sophisticated US$2.3-billion VAT tax fraud that triggered raids in 14 countries, including France, Germany, Greece and Spain. Over 600 people participated in the scheme, "believed to be the biggest VAT carousel fraud ever investigated in the EU," according to the European Public Prosecutor's...
  • UAE refunds tax incurred on building, operating mosques

    The FTA will begin accepting applications for refunding input tax incurred on building mosques from Nov 1.
  • UAE makes amendments to value added tax rules

    Abu Dhabi, UAE— The UAE Ministry of Finance announced amendments to some provisions of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (VAT), which will be effective from 1st January, 2023. The amendments were made are in line with international best practice in light of the GCC...
  • Saudi economy set to be buoyant in 2022

    The country is aiming for a budget surplus for the first time in eight years amidst increasing oil prices and the gradual opening of global markets, say market research firms.
  • UAE tax authority tour ensures readiness of tourist VAT recovery scheme

    The Federal Tax Authority of the UAE has organized field tours to ensure the readiness of Self-Service Kiosks, which allow tourists to recover Value Added Tax on their purchases. The kiosks have been placed at all exit ports included in the VAT Refund Scheme for Tourists. Tourists can submit their...
  • No plan to reduce VAT any time soon, says Saudi minister

    Saudi Arabia will not reduce value added tax any time soon, but will consider doing it when it public finances will have improved. This was stated by Saudi Finance Minister Mohammed Al-Jadaan .
  • Bahrain VAT rate hike may boost sales of UAE retailers

    Bahrain plans to double its VAT rate to 10 percent, which is likely to drive its citizens to shop in the neighboring United Arab Emirates.
  • New FTA services to ease VAT refunds for UAE homes

    The new services are said to offer four different services that aim to raise the target audience’s awareness, provide them with easy access to information, and allow them to communicate directly with FTA representatives.
  • Oman tax authority to fine VAT non-filers

    Those who have not filed VAT returns would see a fine of up to OMR5,000 (around $13,000) imposed on them.