UAE to introduce guidelines on VAT in 2018
Tax experts are signaling that the UAE is about to make an announcement on the implementation of VAT at an introductory rate of 5%. All six members of the GCC agreed earlier in the year that to alleviate falling oil revenues VAT as a revenue generating taxation scheme would need to be put in place by 2018.
Implementation of the new Ministerial Decree 739/2016 concerning Wages Protection
Under the newly launched Wages Protection decree employees wages must now be fully paid within a period which should not exceed ten day from the payment date as registered in the Wages Protection System (“WPS”). According to the Minister for Human Resources SaqrGhobash the object of the decree is to ensure employees receive their salary on time and to protect the stability of the labour market.