VAT to be Charged on Currency Exchange in UAE

- Currency exchange houses in UAE confirmed that they would pass on the VAT charges on the remittance fee to the consumers from January 2018
- For remittances of up to AED 1000, AED 10-16 will be charged, and for amount over AED 1000, AED 15-22 will be charged, depending on the exchange house
- The starting fee of VAT might be considerably low (80 fils- AED 1) on small transactions; however, 5% VAT can amount to a large number for trade transactions
- FERG chairman predicted remittances from the UAE by the end of 2017 would be AED 120 – AED 130 billion, with an average of AED 10 billion transferred a month
- 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% will be introduced on goods and services across UAE from 1st January 2018
- There are approximately 125 exchange houses in the UAE with over 1000 branches, employing around 13000 people
- Water, electricity and other commodities like groceries, property and health insurance premium will be taxed at 5% in UAE from 1st January 2018
- VAT will be implemented across all GCC countries by 1st January 2019
Al Shaheen School in Al Foah, Abu Dhabi
DHL Express Courier in Abu Dhabi Office Address and Timings
Online appointment system at Pakistan Consulate in Dubai
Hamooda Bin Ali School in Abu Dhabi Island, Abu Dhabi