On 18 August 2015, the United Arab Emirates (UAE) Ministry of Finance published an announcement on the latest developments for the implementation of value added tax (VAT) and corporate tax in the country. Concerning VAT: The UAE has been conducting studies on the implementation of a VAT draft law, along with the other GCC countries (Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia); The draft law for implementation of VAT is pending final agreement between GCC countries on the tax rate and a list of tax exemptions; Once final agreement is reached and the relevant laws approved, the UAE will issue...