Dubai Economy advisor says the overall impact on inflation from VAT will likely to be "less than half of a percentage point"
Failing to submit a VAT return within the specified period leads to a fine between 5 percent and 25 percent of the tax value that should have been declared.
The UAE is now one of the world’s biggest diamond trading hubs, generating $26 billion of business per year, says DMCC
Kingdom will impose a 50 percent duty on soft drinks, and a 100 percent duty on tobacco, energy drinks and other harmful products
Exemptions included income tax