Latest Tax updates in GCC. Federal Tax Authority (FTA) has recently issued a guide on Automotive Sector. This guide provides guidance and information on how VAT affects businesses, which operate within the automotive sector.
The guide mainly covers the following topics with detailed explanations and examples.
FTA has clarified the position on the additional recovery made by the leasing companies other than leasing charges e.g. Salik charges. It has been mentioned in the guide that these are in nature of recharge of cost to the customer and will be subject to value-added tax (vat) at 5%.
FTA has recently issued a revised guide for VAT Refund for UAE Nationals Building New Residences:
Dubai Customs has recently issued Notice No. 10/2021 on payment of definitive anti-dumping duties against GCC imports of ceramic flags and paving, hearth, wall, or floor tiles originating in or exported from India and China on 6th July 2021.
This Notice will come into effect from 1st July 2021 and mentions the procedures required to be carried out for payment of the duties.
Companies importing ceramic flags and paving, hearth, floor, or wall tiles originating in or exported from India and China must fill in the declaration and undertaking form issued by the customs department and submit this at the time of customs clearance. These duties will be paid through the customs systems.
The company has to specify the amount of the payable antidumping duties by the application of the dumping margins on companies. These duties will be calculated on CIF value percentage which ranges from 23.5% to 106%
Dubai Customs has recently issued Notice No. 12/2021 regarding the imposition of a definitive anti-dumping duty on the GCC imports of plates, sheets, and strips of aluminum alloys originating in or exported from China.
It will be imposed on sheets, plates, and strips of aluminum alloys of a thickness greater than 0.2mm but not exceeding 8mm, which fall under HS codes 76061200 and 76069200. This excludes products of coated, polished, and heat treatable aluminum alloy along with those used for manufacturing beverage cans and their lids.
Anti-dumping duty will be charged as 33% of the CIF value of imports.
Please note that this article is for information purposes only and should not be taken as advice. It does not cover all aspects of the
topics with which it deals. You should not act upon the contents of this alert without receiving legal advice on your particular circumstances.
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