Monday 14, May 2018 by Jessica Combes

Cabinet approves resolution on VAT refunds for exhibitions, conferences

 

The resolution is in line with the Government's ongoing efforts to enhance the country's status as a hub for meetings, incentives, conferences and exhibitions (MICE)

The resolution provides for granting the facilities involved in organising exhibitions and conferences the right to refund the amounts levied on providing such services, to guarantee ease of doing business and competitiveness in this sector. It supports, at the same time, the efficient implementation of the tax system, as per the best integrational practices, according to state news agency WAM.

In support of the UAE's MICE sector and to maintain the country's global lead in this field, in the light of the facilities offered to develop the sector and the keenness to provide the conducive environment, the resolution will improve the infrastructure and legislative framework for doing business and to attract the world's leading event oragnising companies.

According to recent statistics, MICE's annual contribution to UAE economy stood at AED 2.39 billion and is anticipated to grow to AED 5.1 billion by 2020.

WAM reported that according to the resolution, any exhibition authorised by the competent local authority that is held for seven days or less, or any meeting between people sharing the same interest and authorised by the competent local authority for seven days or less, shall be eligible for refund of the VAT value, provided that the service recipient has no established base or a permanent facility in the UAE.

The resolution stipulates further that the service recipient must not be registered, or obliged to be registered in the UAE, nor did he pay any tax to the supplier.

  

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