The United Arab Emirates (U.A.E.) Minister of State for Financial Affairs has announced that the U.A.E. will implement a value added tax (VAT) at the rate of 5% from 1 January 2018. VAT will apply for must supplies in the country, with an exemption provided for certain food items, education and healthcare. The implementation of VAT in the U.A.E. is part of a Gulf Cooperation Council (GCC) framework for the implementation of VAT in all GCC Member States in 2018. VAT is seen as needed due to decreased revenues resulting from falling oil prices. Under the framework, each country is...