VAT Considerations for Commercial Contracts in the UAE
Type
E-journal
Date
29 Jul 2016
Jurisdiction
United Arab Emirates
Taxonomy
Commercial Contracts, VAT
Copyright
LexisNexis
Relevant company
Al Tamimi & Company
Analysis
The tax-free status of the countries within the Gulf Cooperation Council (GCC) is world renowned and a major draw for international corporations and foreign individuals alike, both of which are of great importance for the economy of the region. Personal income is mostly tax-free and corporation tax is generally non-existent with a few exceptions, for instance corporate taxation on revenues generated from the oil industry and in respect of branches of foreign banks (in the UAE).
Introduction
The tax-free status of the countries within the Gulf Cooperation Council (GCC) is world renowned and a major draw for international corporations and foreign individuals alike, both of which are of great importance for the economy of the region. Personal income is mostly tax-free and corporation tax is generally non-existent with a few exceptions, for instance corporate taxation on revenues generated from the oil industry and in respect of branches of foreign banks (in the UAE).