DED fixes dirham frac­tions over VAT

The Gulf Today - - FRONT PAGE -

ABU DHABI: Abu Dhabi Depart­ment of Eco­nomic De­vel­op­ment (DED) has can­celled its pre­vi­ous de­ci­sion to adopt a mech­a­nism for deal­ing with dirham frac­tions in the value added tax (VAT) bills by bring­ing the avail­able dirham frac­tions to 25 fils if they are 10 or 5 fils.

The de­ci­sion comes pri­mar­ily in re­sponse to con­sumers’ calls to pro­tect their rights in get­ting back dirham frac­tions re­mainaing in the VAT bills, par­tic­u­larly af­ter the UAE Cen­tral Bank has con­firmed the avail­abil­ity of all dirham de­nom­i­na­tions in the lo­cal mar­ket and ex­pressed its readi­ness to is­sue new coins if needed, said Khal­ifa Bin Salem Al Man­souri, Act­ing Un­der­sec­re­tary of Abu Dhabi DED.

Al Man­souri clari­ied that DED’S pre­vi­ous de­ci­sion, which au­tho­rised sale out­lets to col­lect dirham frac­tions af­ter cal­cu­lat­ing the VAT in their bills was based on Ar­ti­cle 61 of the Value Added Tax Law.

Un­der­scor­ing the ne­ces­sity for Abu Dhabi sale out­lets to abide by Abu Dhabi DED’S new de­ci­sion, Al Man­souri said the depart­ment’s team of in­spec­tors would carry on ield in­spec­tion cam­paigns in all Abu Dhabi sale out­lets to en­sure that a sound tax col­lec­tion mech­a­nism is used.

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