By EAS Webmaster
Category: UAE Vat NewsComments Off
FTA had earlier declared that the VAT refund scheme will be implemented in the fourth quarter of 2018.
The UAE’s Federal Tax Authority has named World as its exclusive tax refund operator to the Tourist Refund Scheme that is rolled out in November 2018.
“The FTA has announced that from November 2018, qualified vacationers are going to have the ability to be given a percentage of the VAT as a refund once they store at registered stores,” said an invitation sent to retailers and taxation consultancies throughout the UAE by the FTA and the Dubai Chamber of Commerce and Industry to brief them about how to enroll for the tourist refund scheme.
“We need to invite you to an event organised by the FTA and their private taxation refund operator, Earth, that will be working the Tourist Refund Scheme,” stated the invitation.
Planet is an global company, but for the UAE operations and executing the Tourist Refund Scheme in the UAE, a Special Purpose Vehicle (SPV) has been put up, along with the job will be executed by Planet along with neighborhood partners.
The FTA had previously declared that the VAT refund scheme will be implemented in the fourth quarter of 2018.
The invite revealed that all qualified retailers are going to be able to enroll for the Tax Refund Plan from September 10. The first briefing for retailers will be held in Abu Dhabi on September 11 and the next day in Dubai.
The FTA had said that points and outlets of earnings across the nation will be connected for the tourist refund scheme.
Revealing conditions and procedures for tourist VAT refunds, the FTA had said that tourists will need to have bought goods from retailers registered in the computer system.
Designated spaces will be supplied in which tourists can easily reclaim taxes through an electronic system, with no human involvement. The electronic system decides the taxes which are entitled to a refund and then reimburses tourists.