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VAT refund approved for this sector in UAE

 

DUBAI – The UAE Cabinet approved on Sunday (May 13) a decision to grant a refund for Value Added Tax (VAT) to companies involved in organising conferences and exhibitions.

According to the decision, companies in the exhibitions and conferences sector are entitled to a refund on VAT incurred in the process of setting up these events.

The decision covers any exhibit or conference held under a license from the competent local authority for a period not exceeding 7 days. It also covers conferences or formal meetings licensed by the competent local authority for a period not exceeding 7 days.

The UAE aims to boost the ease of doing business in this sector, and is part of government efforts to enhance the UAE’s status as a global hub for exhibits and conferences.

The conference and exhibition sector contributes Dh2.39 billion to the UAE economy every year. Spending in this sector is expected to reach Dh5.1 billion by 2020. GAD/Expat Media

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