The United Arab Emirates (U.A.E.) Ministry of Finance has published a Q&A on the upcoming implementation of value added tax (VAT) in the country. The VAT is being implemented as part of the Gulf Cooperation Council (GCC) framework, under which all GCC Member States must implement VAT by the end of 2018. According to the Q&A, the United Arab Emirates will implement VAT at the rate of 5% from 1 January 2018, which will apply to the majority of transactions in goods and services. However, a limited number of exemptions will be provided for, and businesses with annual turnover under...