Experts predict a rush to buy big ticket goods before the new tax is introduced in January. Shoppers at Mall of the Emirates in Dubai. Pawan Singh / The National
Experts predict a rush to buy big ticket goods before the new tax is introduced in January. Shoppers at Mall of the Emirates in Dubai. Pawan Singh / The National
Experts predict a rush to buy big ticket goods before the new tax is introduced in January. Shoppers at Mall of the Emirates in Dubai. Pawan Singh / The National
Experts predict a rush to buy big ticket goods before the new tax is introduced in January. Shoppers at Mall of the Emirates in Dubai. Pawan Singh / The National

UAE's VAT to be added onto shelf prices and not at checkouts


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The UAE's new valued added tax will be included in price stickers and advertised prices - not as extras at the checkouts - experts have said at they responded to the landmark law issued this week.

The model will follow the system seen in Europe and in contrast to the United States, where shoppers are hit with the tax at the point of purchase.

"Consumers will be happy to hear that prices displayed are deemed to include VAT, like the United Kingdom and unlike the USA," said David Daly, a chartered accounted in the UAE and the UK.

He said the so-called Executive Regulations that will set out in further detail in the coming weeks "will address any exceptions".

Financial experts still await clarity on how VAT will be implemented in the country's free zones.

On Sunday, the President, Sheikh Khalifa, approved the main VAT tax law that sets out the legal framework for the collection of tax from January 1, 2018.

Stuart Halstead, indirect tax director at Deloitte Middle East, said there should be few surprises for consumers, given that consumers will not pay tax on education, basic healthcare and rent.

“No - there are no surprises; much of this has been well-advertised by the Ministry of Finance and Federal Tax Authority in advance," said Mr Halstead.

"It is nevertheless tremendous to see the law issued. The associated regulations, which will contain more information, will I am sure be awaited eagerly now.

"It's an example of a broad-based, low-rate VAT design and in that respect is an excellent platform for the future. Many legacy economies struggle to achieve these design parameters; the UAE is very much amongst the most advanced VAT jurisdictions in this respect."

________

Read more:

Hundred per cent tax on cigarettes and energy drinks 'first step to healthier nation'

_________

The law makes a distinction between what is entirely exempt and what is 'zero-rated'.

Consumers are not taxed on either.

Zero-rated means businesses can reclaim any tax they pay suppliers from the government, whereas exempt means they cannot.

_______

Deloitte outlined the following guide:

From a consumer perspective, the focus of many is on:

Food - standard rated

International air transport - zero rated

Residential lets and second owner purchases - exempt

First sale and lease of residential property - zero rated

Education - private (up to higher education) and state education will be zero rated.

Healthcare - heavily zero rated

________

When VAT is introduced in January, Mr Halstead said consumers should ensure they are not being unfairly charged.

He said: "Not all businesses will be able to register for VAT. Non-registered businesses cannot impose an amount by way of VAT on sales.

"Consumers should check to ensure that when they are charged VAT, the supplier is in fact registered for VAT, and that the rate of VAT charged is not more than 5 per cent."

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MATCH INFO

Manchester City 1 Chelsea 0
De Bruyne (70')

Man of the Match: Kevin de Bruyne (Manchester City)

UAE currency: the story behind the money in your pockets
Results

2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)

3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar

3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar

4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash

4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash

5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi

6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy

How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

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Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

Funding/investors:  $400,000 (2018) 

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Fatherland

Kele Okereke

(BMG)

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UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

TOURNAMENT INFO

Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia

UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

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Tips to keep your car cool
  • Place a sun reflector in your windshield when not driving
  • Park in shaded or covered areas
  • Add tint to windows
  • Wrap your car to change the exterior colour
  • Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
  • Avoid leather interiors as these absorb more heat
Company%20Profile
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ICC men's cricketer of the year

2004 - Rahul Dravid (IND) ; 2005 - Jacques Kallis (SA) and Andrew Flintoff (ENG); 2006 - Ricky Ponting (AUS); 2007 - Ricky Ponting; 2008 - Shivnarine Chanderpaul (WI); 2009 - Mitchell Johnson (AUS); 2010 - Sachin Tendulkar (IND); 2011 - Jonathan Trott (ENG); 2012 - Kumar Sangakkara (SL); 2013 - Michael Clarke (AUS); 2014 - Mitchell Johnson; 2015 - Steve Smith (AUS); 2016 - Ravichandran Ashwin (IND); 2017 - Virat Kohli (IND); 2018 - Virat Kohli; 2019 - Ben Stokes (ENG); 2021 - Shaheen Afridi

TALE OF THE TAPE

Floyd Mayweather

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Conor McGregor

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Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

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Dubai Rugby Sevens, December 5 -7

World Sevens Series Pools

A – Fiji, France, Argentina, Japan

B – United States, Australia, Scotland, Ireland

C – New Zealand, Samoa, Canada, Wales

D – South Africa, England, Spain, Kenya

The Florida Project

Director: Sean Baker

Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe

Four stars

Results

Stage seven

1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24

2. Adam Yates (GBR) Ineos Grenadiers, at 1s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s

General Classification

1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16

2. Adam Yates (GBR) Ineos Grenadiers, at 22s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s

The Greatest Royal Rumble card as it stands

50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias

Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match

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Casket match The Undertaker v Chris Jericho

Singles match John Cena v Triple H

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