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Dubai Customs launches VAT study

posted on 20/11/2006: 709 views

The Director General of Dubai Customs, Ahmad Butti Ahmad, launched the Value Added Tax (VAT) study project at an official meeting with Customs Executives including group members and representatives from the consultancy assigned with the VAT study.

Butti affirmed that study aims to identify political and economic after effects of VAT implementation, take the appropriate measures to prevent any price increase and to make it closer to the current customs duty rates without creating any further burdens to the business or consumers.

"VAT is a substantial and workable alternative to customs duty and its introduction comes in consistence with the internationally recognised guidelines and policies in almost 150 countries worldwide. It is necessarily the fairest kind of tax since being classified as indirect tax while direct taxation is understood as a burden to both consumers and business community" he added.

Butti said that VAT is different from customs duty in terms of method of collection. VAT will be collected when goods enter the country and sold to consumers while customs duty is are paid directly on the entry of goods into the country.

"The preliminary studies showed that VAT rate would not exceed customs duty rates," says Butti.

The General Secretariat of GCC States has authorised UAE to conduct a study on VAT regime in GCC States. Dubai Customs in liaison with the Ministry of Finance and Industry and in collaboration with the International Monetary Fund carried out a preliminary study.

The study concluded that introduction of VAT is inevitable for GCC states if its wants to keep its growth possibilities.

Dubai Customs organised series of VAT qualifying seminars and workshops on the topic to get the subject familiarised to the general public.

Dubai Customs has organised training session with relevant Ministries and Departments to train young leaders to help in bringing about the desired change.

Concluding his speech, Butti urged the project team and the consultancy team to complete a study based on domestic research and survey and to involve the competent public and private agencies.

He also mentioned that imitating specific tax regimes must be streamlined with the study. He emphasised the necessity to adopt best practices to maintain interest of citizen and country. Gulf News


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