UAE President issues new Tax Procedures Law

This should help “ease the nation into the VAT and excise tax systems”
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His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, the Emir of Abu Dhabi and the Supreme Commander of the Union Defence Force has issued a new law defining the role of the Federal Tax Authority, FTA.

Federal Law No. 7 of 2017 for Tax Procedures also sets out the foundation for the planned UAE tax system. The law issued yesterday also defines a clear set of common procedures and rules that will be applied to all tax laws in the UAE, namely, VAT and excise tax laws.

This includes tax procedures, audits, objections, refunds, collection and obligations such as tax registration, tax-return preparation, submissions, payment and voluntary disclosure rules.

According to local news agency WAM, the new federal also sets out a list of penalties for non-compliance. It also establishes a clear process for appeals and a fair and transparent environment for the FTA to carry out its mandate.

Speaking on the law, His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and FTA Chairman said: “The Law, issued by President His Highness Sheikh Khalifa bin Zayed Al Nahyan is an all-encompassing legislative framework that lays the groundwork for the UAE’s plan to implement taxes as a means to ensure sustainability and diversify the government’s revenue streams. The increased resources will enable the Government to maintain the momentum of its development and infrastructure for a better future.”

He added: “We are working to establish an optimal legislative and executive environment to ease the nation into the VAT and excise tax systems.

“Implementing these taxes gives the UAE further leverage when it comes to international competitiveness and brings us one step closer towards building the future envisioned by our wise leaders, who have called on all those in charge to innovate and strive to spread happiness among citizens and residents.”

If you’re new to the UAE or to the concept of VAT here’s what you need to know…

The news of the 5 percent VAT was confirmed earlier this year by the Under Secretary of the UAE Ministry of Finance, Younis Al Khouri, who stated that from January 1, 2018, all GCC countries will be enforcing a 5 percent VAT across the broad.

In a bid to soften the blow, the UAE announced that it will most likely be enforcing a waiver on around 100 goods and services, such as food and healthcare.

While businesses with annual revenues of over AED375,000 will be obliged to register for the GCC VAT system, there will be no income tax on salaries.

The cost of cigarettes and energy drinks will increase by 100 percent. According to an official report published by the UAE’s Federal Tax Authority (FTA), a 100 percent selective tax will be implemented on tobacco and energy drinks from the fourth quarter of this year. While a 50 percent tax will be added to all soft drinks.


Happiness is F.R.E.E.

Life is beautiful. Life is what we make it. But the big question is.. How to achieve happiness? Happiness can be found in  persons or things, but most importantly, it is found within yourself. Be true to yourself, be yourself, express yourself and never ever regret things you did which makes you happy. Learn from your mistakes, as this mistakes leads you to a better you. Nobody is perfect, im not perfect, but i live my life the way i wanted it to be. The key to “HAPPINESS” is freedom to do what you want and at the same time enjoying it.

Set aside negative things in your life, yet they are sometimes spices to make your life better, but ensure positivity and good vibes inspire your life. If you are happy it shows and everything make sense.

Here are some reminders to live by to achieve HAPPINESS:

  1. Surround yourself with good people. If you have an environment full of positivity and good people, expect that a person will be happy. Seeing people happy makes us happy. Sometimes we spend so much time looking for a true happiness, in fact happiness can be found in every corner. Put  things  in order, remember those people who support, love and remember you. Be nice to everyone, if you think you could be of help, then help! Helping other makes us happy.
  2. Accept Failures! Failure happens all the time. You’re not the only person who have failed in life. I, myself failed so many times, but those failures taught me to where i am right now. Learn to accept your mistakes, say sorry if you did something! Nobody is perfect, everyone commit mistakes and so are you, why be afraid? In a life full of surprises, sometimes we need to understand that some things are not in our control, don’t be upset, don’t panic, everything is under control, the best thing  to do is accept and move on. Always remember the best things in LIFE are FREE. Go and explore!
  3. Its time. Let Go! Let go of all the things happened to you. Let go of the past and embrace the present. You can’t move on if you are always living on the past. What’s important now is your present. Learn to let go of the things no longer in your life.Those things were already history that you should never bring back. GOODBYE to the old and say HELLO to the future!
  4. Start doing things you Love. If you love what you do even how complicated it is you will never say NO! We find joy and contentment of all the things we do, means we are likely more happier and healthier which is a good factor to influence other. Doing things you love makes you productive, motivated, fulfilled and off course no excuses to say no.
  5. Take Actions. Lastly to achieve happiness within you, take the actions. Be positive and optimistic always. Do the right things you know for a BETTER you, never settle for something you don’t love at all. Share what you have. Sharing is always good and at the end of the day you’ll see your self learning from the action you’d take.

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