15 Abu Dhabi Shops Shut for Overcharging VAT
- Fifteen shops in Abu Dhabi were shut down for unjustifiably hiking the prices of goods after the introduction of the Value Added Tax (VAT)
- The Department of Economic Development (DED) shut down the commercial facilities as part of the department’s efforts to follow up on the implementation of VAT in UAE
- Ahmed Tarish Al Qubaisi, acting director of the Commercial Protection Administration, said that DED had conducted 98 campaigns and 3520 inspections in January
- 85 tickets were issued against facilities that collected VAT without being registered in the tax system of the Federal Tax Authority
- The Department of Economic Development is responsible for proposing economic and commercial policies of Abu Dhabi, and preparing plans for implementing policies
- Value Added Tax (VAT) is a general consumption tax that is added to products and services at every stage of its production, which differs in value from country to country
- VAT of 5% was introduced on goods and services across UAE from 1st January 2018
- VAT is designed to tax only the value added by a business on top of the services and goods it can purchase from the market
- VAT will be implemented across all GCC countries by 1st January 2019
