Abu Dhabi has reversed its earlier decision on VAT that allowed retailers to round up prices for items that required change in low denomination coins.
The Department of Economic Development says it has made the decision after assurances from the UAE Central Bank that there are enough of the coins in circulation for retailers to give change, and that it would mint more if necessary.
Nine days ago the DED announced that charges could be rounded up by 20 fils on low cost items when the change required 10 and five fils coins.
Three days later, the Central Bank issued a statement describing its role as: “To monitor cash use in the market and supply banks with the quantities of coins they require to address the needs of their various customers.”
The bank added: “At the moment, the amount of coins including small denomination in the market is sufficient.”
Under the original ruling, a retailer selling an item for Dh1.05 including VAT would be able to charge customers Dh1.25.
Now paying for the same item will either require to buyer to have a five flls coin in their pocket or the seller to offer 20 fils in coins as correct change.
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Read more:
Central Bank: Sufficient small coins circulating in UAE
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Khalifa Bin Salem Al Mansouri, the Undersecretary at the DED said the earlier decision had been cancelled as a response to calls from consumers to protect their rights in getting their change in fractions of a dirham.
In its announcement, the DED said it was responding after the: “Central Bank of the UAE confirmed that there are enough quantities of coin currency in the market, including the small denominations, and its readiness to re-minting any of the small denominations if the need arises.”
Mr Al Mansouri added that initial decision to permit rounding up was based on a reading of the VAT law that stated: “If the value imposed on imports was calculated and contained fils fractions, then the party who is subject to the tax may round the amount to the closest fils based on the principles of arithmetic rounding”.
Abu Dhabi said that over the weekend it had also held a workshop for inspectors to: “The method used by the Authority to collect the value added tax amount by documenting the business sector, its revenues and the costs of its operations, in addition to the importance of having it registered in the Authority’s tax system.”
The initial response to the fractions of VAT on smaller items was mixed. Some larger retailers like Carrefour said they would round up or down to the nearest 25 fils for cash only. Card charges would be for the exact amount.
The Fathima chain said it would be rounding prices down, and several smaller retailers, like corner shops, said they would decide on a case by case basis.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Soldier F
“I was in complete disgust at the fact that only one person was to be charged for Bloody Sunday.
“Somebody later said to me, 'you just watch - they'll drop the charge against him'. And sure enough, the charges against Soldier F would go on to be dropped.
“It's pretty hard to think that 50 years on, the State is still covering up for what happened on Bloody Sunday.”
Jimmy Duddy, nephew of John Johnson
Company%20profile
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Small%20Things%20Like%20These
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
COMPANY%20PROFILE
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
SHAITTAN
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Company%20profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20Profile
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