ABU DHABI- The Ministry of Finance is still in the process of developing the executive regulations of the Value Added Tax, VAT, said a top MoF executive.

The VAT rate on all taxable and exempt goods, exports and services is yet to be announced on the Official Gazette and it will be out exclusively through state-run media organs as well via the Mof Official Website, added Younis Haji Al-Khouri, MoF Under-Secretary in statements Monday.

"The Ministry is implying maximum disclosure and transparency and will share all information and data related to VAT and its taxable and exempt products as well as the tax rate once the executive regulations have been announced," Al Khouri added.

The Minsitry's website is the only official media reference for all Excise Tax and Vat-related information and all other info taken through smartphones app or other means of communications should not be considered, he elaborated, explaining that some tax-related information have been wrongly attributed to MoF over the past period while they in reality relate to other tax systems in the region, such as that of the Kingdom of Saudi Arabia.

MoF has already announced the Executive Regulations of Federal Law No.7 on tax procedures and published them on the Official Gazette, including the taxable and exempted goods as well as their percentage rates.



Copyright Emirates News Agency (WAM) 2017.