Thu 20-09-2018 14:25 PM
DUBAI, 20th September, 2018 (WAM) -- The Dubai Chamber of Commerce and Industry recently hosted a workshop aimed to familiarise retailers and members of the business community with the UAE’s new Value-Added Tax, VAT, refund scheme for tourists.
The workshop, hosted at Dubai Chamber’s premises, was organised by the Federal Tax Authority, FTA, in cooperation with Planet, the Tourist Refund operator for the tourist refund scheme which will be rolled out in the last quarter of 2018.
More than 250 members of the business community attended the workshop where participants were briefed on the steps, processes and procedures associated with registering under the UAE’s new VAT refund scheme for tourists.
In his opening remarks, Khalid Ali Al Bustani, Director-General of FTA, said that the Cabinet Decision No. 41 of 2018 on Introducing the Tax Refunds for Tourist Scheme is set to come into effect in the last quarter of 2018, and supports the vision of the UAE’s wise leadership and diversification efforts, and added that the system is expected to contribute to the UAE’s economy and boost the country’s appeal as an attractive tourism destination.
Al Bustani noted that the VAT refund scheme for tourists is based on the best international practices, and uses advanced technology and an integrated electronic system that connects retailers with exit points, which is designed for seamless and efficient transactions.
In turn, Atiq Juma Nasib, Senior Vice President of Commercial Services at Dubai Chamber, said the introduction of VAT refunds in the UAE is expected to have a very positive impact on the tourism sector, as it will strengthen country’s position as one of the world’s most sough-after destinations for tourism and shopping.
"The strong attendance at the workshop clearly reflected the growing interest among retailers in Dubai that are keen to improve their understanding of VAT refunds, the benefits of using the new system, as well as its implications for the sector," Nasib concluded.