What do you need to know about UAE VAT?
In October 2017, the UAE implemented new tax rules which land a levy of 50% on carbonated drinks and 100% on tobacco and energy drinks, as well as further measures set for January 2018 centring on a levy of 5% on consumer products (including property).
Private individuals can rest assured that the new VAT doesn’t affect essential products. Ring-fenced is a basket of 100+ basic foods, such as children’s milk, pasta, rice, cereals, tea, and coffee. Also, the education and healthcare sectors, public transport, and commodities will not be affected.
When it comes to the buying and selling of residential properties, the tax is expected to be paid on the first sale only – and residential leasing will be exempt.
As a business owner though, you need to be on your toes. And, if you’re looking into buying, selling or leasing property, you need to be aware of exactly when the 5% applies.
From January 1st 2018, businesses should already possess an accounting and billing system that is compliant with the new requirements of the tax regime. The invoices should include the VAT component. Non-compliance can result in severe penalties.
Why choose Holborn Assets?
Our investment professionals hold a variety of prestigious investment qualifications from recognised professional bodies such as the Chartered Insurance Institute, London Institute of Banking & Finance, Chartered Institute of Securities & Investment and CFA (Chartered Financial Analyst) Institute. We encourage all advisers to keep studying to keep their qualifications relevant and up to date.
Registered and Regulated
We benefit from appropriate regulation in all our geographical areas of operation and have been operating successfully in the field of investments since 1998.
Our strategy is about advising our clients on the investments that are best for their individual needs. We appreciate that it is your money, that you have worked hard for it and want to keep it and see it growing. We don’t believe in taking unnecessary risks. That’s why the portfolios we offer are diversified and our advice is focused on ongoing management and a steady hand over the long term.
With Only the Client in Mind
At Holborn Assets we start with our core premise of 'only the client in mind' and apply this to all aspects of our business. It means more than just delivering excellent products and solutions, world class innovative service or best in class financial advisers; it's also about fixing things when they go wrong and ensuring you have total peace of mind.
Holistic Financial Planning
You've worked hard for your money and so is important for us to us to keep it safe and working hard for you. We do this by looking at the bigger financial picture and taking a holistic view of the financial issues faced by us all, from cradle to grave. When it comes to proper financial planning it's the only way to ensure we put the Right Money, in the Right Place at the Right Time.
Qualified and Experienced Financial Advisers
It may seem an obvious thing to say but our clients are our business, so naturally when selecting advisers to work with only the most qualified and experienced need apply. The majority originate from the tough regulatory regime of the UK where excellence in all areas is the gold standard. However, we also have specialist financial planners from Ireland, South Africa, America and India to cater to all your wealth management needs, whether it be sourcing you that low cost mortgage for a UK property, protecting your family with a robust life insurance package or ensuring you have saved enough money for retirement.
History and heritage
Holborn Assets was established in 1998 and is widely considered to be the financial services company of choice in the expatriate market it serves. No other independent company can match our expertise or depth of proposition. We have therefore always felt at home headquartered in Dubai, the world’s fastest growing City State and one of the economic wonders of the world.
Holborn Assets has regulated operations in the UK, Europe, Asia and South Africa. The corporate DNA that has underpinned our growth is simple: we are passionate about helping people put the right money, in the right place, at the right time.
We are a friendly, multi-award winning family company with an international footprint and British values of integrity and respect for all.