With the roll-out of value added tax (VAT) in the UAE drawing ever nearer, some businesses and residents are growing increasingly concerned about how the levy will affect their incomes.
But Dinesh Kanabar, the chief executive and founding partner of WTS Dhruva Consultants, a boutique tax advisory firm based in India that recently expanded its services to Singapore and Dubai, says the UAE's new tax regime is very simple and nothing to fear. Mr Kanabar, formerly the deputy chief executive of KPMG India, recently advised the Indian Prime Minister on the country's Goods and Services Tax (GST), designed to replace India's labyrinth of levies with a uniform system, which was rolled out in July.
The UAE and Saudi Arabia will implement a 5 per cent VAT from January 1, with the other four Arabian Gulf countries expected to follow suit in 2018; a 100 per cent excise tax on tobacco products and energy drinks, and a 50 per cent tax on sugary drinks, will start today.
The introduction of VAT could generate Dh12 billion in its first year and Dh20bn in its second year, according to Sultan Al Mansouri, Minister of Economy, as the country moves to diversify away from its reliance on oil revenues.
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Read more:
Excise tax is on track to be introduced on October 1
Experts say new UAE taxes will not drastically change consumer behaviour
Tax in the UAE: Everything you need to know about VAT and a little bit more
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Mr Kanabar outlines how VAT and excise duties will affect the UAE economy, small business owners, and the pockets of UAE residents:
QWhat are the similarities between the VAT regimes in India and the UAE?
AIndia is a hugely complex market and GST really was an aggregation and simplification of the law. In India you have five rates of taxes for goods, four for services and three types of GST, with the highest rate at 28 per cent, and over and above that there is a cess (an extra levy on goods such as carbonated drinks, coal, tobacco and luxury cars), so it is as complex as it can get. In the UAE, on the other hand, you only have one rate with three possibilities.
What are those possibilities?
First there is 5 per cent VAT on taxable supplies, then you have a set of goods and services that are exempt, so for example there is no VAT on education, medical services, public transport and residential real estate. Third you have a group of items that are zero-rated, such as airline companies, metals and gold. So when people say the UAE's tax regime is complicated, it depends on what you compare it to. Yes, moving from a regime where there is no tax to this is complicated, but if you compare it to Europe it is not at all complicated and if you compare it to India, it's child's play.
If it is such a simple model, why are some businesses and individuals getting stressed about it?
I think it's a matter of perception. So far it has been a tax-free regime, so when you suddenly talk taxes to people they just get stressed. But there is no need to get stressed for a number of reasons. Firstly, you have never seen as proactive a government as you are seeing here; they are coming out with FAQs, they are doing seminars, they are training people and they have a portal up and running. Compare this to India where after GST was implemented, people started to complain and then they started making modifications. Here they are hearing people's concerns before implementation.
What are the other reasons to stay calm?
The second reason is that it is a very simple law. In fact, the compliance form is just a half page return. In India the compliance is so difficult that the computer system is unable to take it and the compliance dates keep being changed. The third is the rate itself. In India the generic rate at which GST is levied ranges from 5 per cent to 28 per cent; in Europe the rate is anywhere between 14 and 16 per cent.
What should businesses preparing for VAT be concerned about now?
They should be looking at three things. One, how are they restructuring the business? For example, a group has multiple entities and one is a sourcing entity that sources the goods and gives it to a selling entity; unless you are defined as a group under tax laws, the moment you do an inter-group transfer there is a tax, so you are out of pocket before you recover the tax from the ultimate customers. Those sort of inefficiencies need to be removed. The second thing is to make your processes and IT systems compliant so that all the provisions of law are incorporated.
What's the third?
For the third, and maybe this is one of the reasons that people are stressed out, is that today companies prepare accounts and those accounts are not really subjected to any scrutiny by a regulator. Now for the first time a regulator is going to look at the accounts – that means you've got to preserve the accounts, you need to ensure their authenticity and you need to be worried that when compliance happens you are ready so that if you were audited you can substantiate whatever you are buying.
How will small businesses with a handful of employees cope?
There is a threshold limit of Dh375,000, so if your annual turnover is less than that you are not in the VAT net at all. For smaller businesses that are in line for VAT, they need to look at using apps – which are being developed by private consultants – that can capture the data from the business and do the filing for them so that the cost of compliance is not burdensome.
What about the average UAE resident worried about the cost of living?
Is the cost of living going to go up? The answer is yes. Is it significant? The answer is absolutely no because there is a World Bank report that says that the expected impact of inflation is somewhere between 0.5 and 0.6 per cent. So that's not earth shattering and I don't see a dent in people's savings or investments.
Is there anything households can do to prepare?
There is nothing they can do. Businessmen, yes, they need to start building compliance, but for an average person, the very fact that day-to-day items – whether houses, education, medical care or public transportation – are outside the limit shows that the government is conscious that people in the lower strata, whose bulk of income goes towards necessities, are not impacted at all. Will your grocery bills go up? Yes, they will, but as I said the expected impact is low.
So residents should view VAT as a positive move?
You are moving from a laissez-faire environment to a regulated environment and that is actually very welcome because the world is moving towards regulation. By imposing a tax, the GCC is falling in line with what the world is doing and I go back to the rates issue: Singapore is 7 per cent, Malaysia is 6 per cent – I'm not aware of any place in the world where the VAT is as low as 5 per cent.
But the UAE is already an expensive place to live and the perception is that it is going to get more expensive?
It really depends on where your income goes to. If you are a smoker, for example, and smoking is 10 per cent of your total spend then your costs will go up more because of excise tax. To an extent it is the people that are able to save after buying the necessities, that are spending on luxuries and therefore can afford to contribute, that will be really impacted.
Are businesses ready?
The answer is no. We have seen in the marketplace that the larger businesses are aligned and they started huge exercises on VAT implementation months back. There are smaller / mid-sized businesses that are now coming to grips with reality that the government is serious. There is some expectation in the air that this is going to be postponed but the government has been very categorical that there is no intention to postpone. So if you are going to put it on the back burner then you do so at your own peril.
How late can small business heads leave it before starting preparations?
It's already late. When we get called by clients, they say "we'll start tomorrow" and we say "guys, we have physical limitation on the number of people we can depute because if all of you are going to wake up at the last minute, how are we going to be able to provide professional help?" People need to start immediately because on January 1 the law comes in and that means you start making recoveries. Then your compliance begins in April because your first quarter's return goes out on April for the period from January to March.
What do businesses need to have in place by January 1?
They need to have an accounting system and a billing system so the IT infrastructure needs to be in place because every single invoice produced from January 1 has to have that VAT component. One of the issues is that non-compliance could invoke huge penalties so people need to be absolutely sure that they are fully compliant – they can't afford to take chances with compliance.
What trends are you noticing?
There are some companies clutching at straws. A report came out today saying that the non-implementation of VAT in other GCC countries should not impact the UAE. People interpreted this to mean that the UAE is also going to postpone. It is going to happen and they need to prepare.
Company%20Profile
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
UAE Tour 2020
Stage 1: The Pointe Palm Jumeirah - Dubai Silicon Oasis, 148km
Stage 2: Hatta - Hatta Dam, 168km
Stage 3: Al Qudra Cycle Track - Jebel Hafeet, 184km
Stage 4: Zabeel Park - Dubai City Walk, 173km
Stage 5: Al Ain - Jebel Hafeet, 162km
Stage 6: Al Ruwais - Al Mirfa, 158km
Stage 7: Al Maryah Island - Abu Dhabi Breakwater, 127km
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Jawan
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAtlee%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Nayanthara%2C%20Vijay%20Sethupathi%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
The chef's advice
Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.
“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”
Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.
The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.
COMPANY%20PROFILE
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
What's%20in%20my%20pazhamkootan%3F
%3Cp%3E%3Cstrong%3EAdd%3A%3C%2Fstrong%3E%3Cbr%3EParippu%20%E2%80%93%20moong%20dal%20and%20coconut%20curry%3Cbr%3ESambar%20%E2%80%93%20vegetable-infused%20toor%20dal%20curry%3Cbr%3EAviyal%20%E2%80%93%20mixed%20vegetables%20in%20thick%20coconut%20paste%3Cbr%3EThoran%20%E2%80%93%20beans%20and%20other%20dry%20veggies%20with%20spiced%20coconut%3Cbr%3EKhichdi%20%E2%80%93%20lentil%20and%20rice%20porridge%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3E%3Cstrong%3EOptional%3A%3C%2Fstrong%3E%3Cbr%3EKootukari%20%E2%80%93%20stew%20of%20black%20chickpeas%2C%20raw%20banana%2C%20yam%20and%20coconut%20paste%3Cbr%3EOlan%20%E2%80%93%20ash%20gourd%20curry%20with%20coconut%20milk%3Cbr%3EPulissery%20%E2%80%93%20spiced%20buttermilk%20curry%3Cbr%3ERasam%20%E2%80%93%20spice-infused%20soup%20with%20a%20tamarind%20base%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3E%3Cstrong%3EAvoid%3A%3C%2Fstrong%3E%3Cbr%3EPayasam%20%E2%80%93%20sweet%20vermicelli%20kheer%3C%2Fp%3E%0A
UAE%20medallists%20at%20Asian%20Games%202023
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THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
The specs
Engine: 3.6 V6
Transmission: 8-speed auto
Power: 295bhp
Torque: 353Nm
Price: Dh155,000
On sale: now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
MEDIEVIL%20(1998)
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20SCE%20Studio%20Cambridge%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%2C%20PlayStation%204%20and%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
South Africa v India schedule
Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg
ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion
T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town
The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
Confirmed%20bouts%20(more%20to%20be%20added)
%3Cp%3ECory%20Sandhagen%20v%20Umar%20Nurmagomedov%0D%3Cbr%3ENick%20Diaz%20v%20Vicente%20Luque%0D%3Cbr%3EMichael%20Chiesa%20v%20Tony%20Ferguson%0D%3Cbr%3EDeiveson%20Figueiredo%20v%20Marlon%20Vera%0D%3Cbr%3EMackenzie%20Dern%20v%20Loopy%20Godinez%0D%3Cbr%3E%3C%2Fp%3E%0A%3Cp%3ETickets%20for%20the%20August%203%20Fight%20Night%2C%20held%20in%20partnership%20with%20the%20Department%20of%20Culture%20and%20Tourism%20Abu%20Dhabi%2C%20went%20on%20sale%20earlier%20this%20month%2C%20through%20www.etihadarena.ae%20and%20www.ticketmaster.ae.%0D%3Cbr%3E%3C%2Fp%3E%0A
RESULTS
1.45pm: Handicap (TB) Dh80,000 (Dirt) 1,400m
Winners: Hyde Park, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
2.15pm: Conditions (TB) Dh100,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
2.45pm: Conditions (TB) Dh100,000 (D) 1,200m
Winner: Hurry Up, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Shadwell Jebel Ali Mile Group 3 (TB) Dh575,000 (D) 1,600m
Winner: Blown by Wind, Xavier Ziani, Salem bin Ghadayer
3.45pm: Handicap (TB) Dh72,000 (D) 1,600m
Winner: Mazagran, Tadhg O’Shea, Satish Seemar.
4.15pm: Handicap (TB) Dh64,000 (D) 1,950m
Winner: Obeyaan, Adrie de Vries, Mujeeb Rehman
4.45pm: Handicap (TB) Dh84,000 (D) 1,000m
Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly.
Company profile
Company name: Nestrom
Started: 2017
Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi
Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
World%20Food%20Day%20
%3Cp%3ECelebrated%20on%20October%2016%2C%20to%20coincide%20with%20the%20founding%20date%20of%20the%20United%20Nations%20Food%20and%20Agriculture%20Organisation%2C%20World%20Food%20Day%20aims%20to%20tackle%20issues%20such%20as%20hunger%2C%20food%20security%2C%20food%20waste%20and%20the%20environmental%20impact%20of%20food%20production.%20%0D%3C%2Fp%3E%0A
MATCH INFO
Manchester United v Everton
Where: Old Trafford, Manchester
When: Sunday, kick-off 7pm (UAE)
How to watch: Live on BeIN Sports 11HD
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
Brief scores:
Arsenal 4
Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'
Fulham 1
Kamara 69'
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