Home Business & Finance Dubai Chamber workshop familiarises companies with VAT refund scheme for tourists

Dubai Chamber workshop familiarises companies with VAT refund scheme for tourists

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DUBAI: The Dubai Chamber of Commerce and Industry (DCCI) recently hosted a workshop which aimed to familiarise retailers and members of the business community with the UAE’s new value-added tax (VAT) refund scheme for tourists.

The workshop, hosted at DCCI’s premises, was organised by the Federal Tax Authority (FTA) in cooperation with Planet, the exclusive Tourist Refund operator for the tourist refund scheme which will be rolled out in the last quarter of 2018.

More than 250 members of the business community attended the workshop where participants were briefed on the steps, processes and procedures associated with registering under the UAE’s new VAT refund scheme for tourists.

In his opening remarks, H.E. Khalid Ali Al Bustani, Director General of the Federal Tax Authority, said the Cabinet Decision No. (41) of 2018 On Introducing the Tax Refunds for Tourist Schemeis set to come into effect in the last quarter of 2018, and supports the vision of the UAE’s wise leadership and diversification efforts, and added that the system is expected to contribute to the UAE’s economy and boost the country’s appeal as an attractive tourism destination.

H.E. Al Bustani noted that the VAT refund scheme for tourists is based on the best international practices and uses advanced technology and an integrated electronic system that connects retailers with exit points, which is designed for seamless and efficient transactions.

For his part, Atiq Juma Nasib, Senior Vice President of Commercial Services at DCCI, said the introduction of VAT refunds in the UAE is expected to have a very positive impact on the tourism sector, as it will strengthen country’s position as one of the world’s most sough-after destinations for tourism and shopping.

“The strong attendance at the workshop clearly reflected the growing interest among retailers in Dubai that are keen to improve their understanding of VAT refunds, the benefits of using the new system, as well as its implications for the sector,” said Nasib.

Earlier, the FTA announced conditions and procedures for tourists who claim VAT refunds when leaving the UAE. Upon exiting the country, tourists will be able to reclaim taxes paid on their purchases through an electronic system which will be connected to the FTA, airports, land and sea ports of entry. Retails must meet the requirements outlined by FTA in order to register and participate in the VAT Refunds scheme for Tourists.

Dubai Chamber regularly organises training seminars and workshops to raise awareness about important matters and issues impacting the business community in Dubai. These events fall in line with its strategic objectives of creating a favourable business environment and supporting business growth in the Emirate. News Desk

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