VAT refunds for exhibitions, conferences, UAE Cabinet approvesRoemarie Ann Periabras
VAT refunds for exhibitions, conferences, UAE Cabinet approves
Organizations on exhibitions and conferences allowed to refund VAT value imposed on the provision of services required for setting up events. The UAE Cabinet has approved resolution pertaining to the refund of VAT on conferences and exhibitions on Sunday.
The resolution provides stipulates that facilities operating in the exhibitions and conferences sector are entitled to refund VAT imposed on the provision of services required for setting up these events. The resolution aims to boost the ease of doing business and enhance the competitiveness of the UAE in this sector while supporting the application of the tax system efficiently in the country and keeping pace with the best global standards.
The move comes as part of the government’s efforts to support the exhibitions and conferences sector and enhance the UAE’s status as a global hub for exhibitions and conferences. According to recent statistics, the conference and exhibition tourism sector contributes Dh2.39 billion to the national economy annually and is expected to grow to Dh5.1 billion by 2020.
The decision is meant for any exhibition held under a license from the competent local authority for a period not exceeding 7 days, or any formal meeting between persons of mutual interest licensed by the competent local authority for a period not exceeding 7 days.
VAT can be redeemed in accordance with the decision if the service recipient does not have a permanent establishment or facility in the country, is not registered or required to register in the UAE and has not paid a tax to the supplier.
Source: Gulf News