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UAE government has just announced the new VAT policy. Even Though the decision has been on the table for the last few years; last week the UAE finance ministry made the official announcement. The new VAT structure is planned to be rollout on January 2018 onwards. According to the announcement, the proposed VAT on goods and services is 5%, but basic food items, education, health, social service etc. would be tax exempt. Other GCC countries are believed to follow the step and implement VAT all over the GCC.