INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

UAE tax authority tour ensures readiness of tourist VAT recovery scheme

UAE Islamic banking sector assets continued to grow in 2022 to account for 23.0% of total UAE banking sector assets.
  • Self-Service Kiosks, which allow tourists to recover VAT on their purchases, have been placed at all exit ports.
  • The kiosks are also available at several commercial centers and hotels that are included in the tax refund 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 tax invoices along with their passport and credit card to recover VAT. No limit is placed on the maximum amount that can be recovered if said amount is transferred to the tourist’s credit card.

However, if an applicant requests a cash refund, then the maximum amount is set at AED10,000 per day.

Through its partnership with Planet, the Federal Tax Authority provides these kiosks at air, land, and seaports, in addition to many commercial centers and hotels that are included in the tax refund scheme.

FTA Director-General Khalid Ali Al Bustani said the scheme aims to support tourism in the UAE – one of the leading sectors with a major role in enhancing the local economy.

“We are devoted to ensuring transparency, accuracy, and speed of procedures and mechanisms, which, in turn, will cement and advance the UAE’s standing as a major destination on the global tourism map,” he said.