Value Added Tax or VAT is one of the most common types of consumption tax found around the world. Over 150 countries have implemented VAT. It includes the European Union (EU), UK, Canada, New Zealand, Australia, Singapore, Malaysia, India, USA, and a host of countries.
Value Added Tax is an indirect tax which is levied on the supply of goods and services. The VAT was introduced in the UAE on 1st January 2018. VAT provides UAE with a new source of income, which can be used to maintain or improve public services. It also helps the government move towards its vision of reducing dependence on income derived from oil and other hydrocarbons.