UAE Cabinet approves VAT refund for organisers of exhibitions, conferences
Organisations on exhibitions and conferences allowed
to refund VAT value imposed on the provision of services required for
setting up events
Abu Dhabi: The UAE Cabinet on Sunday has approved a decision
pertaining to the refund of VAT on organisations involved in organising
exhibitions and conferences.
The decision 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.
Ease of doing business
The decision 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.
How VAT can be redeemed
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.
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