UAE approves VAT refund for tourists 

Dubal Mall shopping mall on August 7 in Dubai, UAE. (shutterstock)
Updated 13 July 2018
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UAE approves VAT refund for tourists 

  • The UAE introduced VAT in the country on January 1, 2018, at a rate of five percent
  • But the refund scheme will not apply to all purchases, instead only items bought from a select group of retailers will fall under the program

DUBAI: The United Arab Emirates announced on Wednesday that Value Added Tax refunds will be available for  tourists visiting from overseas, state news agency WAM reported.

The UAE introduced VAT in the country on January 1, 2018, at a rate of five percent.

The UAE aims to grow the tourism sector and maintain its position as a global destination for tourists with the new VAT refund system, the report added.

“The system will be implemented beginning the fourth quarter of 2018 in cooperation with an international specialized company in tax recovery services," a press statement read.

But the refund scheme will not apply to all purchases, instead only items bought from a select group of retailers will fall under the program. 

The total contribution of the tourism sector to the country's GDP reached 11.3 percent in 2017, equivalent to 154.1 billion AED ($41.9 billion)


China files WTO challenge to US’ $200 billion tariff plan

Updated 17 min 9 sec ago
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China files WTO challenge to US’ $200 billion tariff plan

BEIJING: China announced it filed a World Trade Organization challenge Monday to US President Donald Trump’s proposal for a tariff hike on $200 billion of Chinese goods, reacting swiftly amid deepening concern about the economic impact of their spiraling technology dispute.
The one-sentence Commerce Ministry statement gave no legal grounds for the challenge or other details. It is an unusually rapid move for a trade case, coming less than one week after the US Trade Representative announced the tariff plan, which wouldn’t take effect until at least September.
The USTR said last week that it proposed the levy in response to Beijing’s decision to retaliate for US tariff hikes over complaints China is hurting American companies by stealing or pressuring foreign enterprises to hand over technology.
China criticized the move but has yet to say whether it would retaliate for the second round of tariffs. Its lopsided trade balance with the United States means it has only $80 billion of annual imports of American goods left for retaliation following its earlier measures.
Beijing has stepped up diplomatic efforts to recruit support from Europe, South Korea and other trading partners but so far without success.