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Value Added Tax or simply VAT is an important milestone in UAE which UAE Ministry of Finance has announced to be implemented with effect from 1st January 2018. While offering limited exceptions to some categories including basic food items, healthcare and education, VAT will be collected at the rate of 5 % on the goods and services, at each step of the supply chain. The new VAT system will be implemented across the GCC countries, although possibly on different dates, at different rates.
