UAE future after EXPO-2020 | World Defense

UAE future after EXPO-2020

TomCat

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Assalam u alikum all members,

This thread invites all those who reside/have resided in UAE/economists and all other learned people. UAE has been through crisis some times such as 2006-2008, then 2012 and starting on from 2017 December due to introduction of VAT, it is been going through it worst nowadays, expas running back to countries, all big markets with crowd at evening are empty, expenses increased, unemployment more than ever, UAE does have much expectations from EXPO 2020 but deep down we all can safely assume that that's not the saviour. I do seriously hope and pray for the best of UAE, a country with visional leaders, who just in a matter of 4 decades brought it's infrastructure to a cap of human existence, something that not all countries are blessed with even first world countries.
 

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@Khafee Bhaijan, your input would be a great way to start the thread
 

Khafee

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@Khafee Bhaijan, your input would be a great way to start the thread
A lot of things in the pipeline. Until they get close to approval, no point in discussing them, but you start with what is available publicly.
 

TomCat

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A lot of things in the pipeline. Until they get close to approval, no point in discussing them, but you start with what is available publicly.
Yea, that was my sole intent to discuss what's publicly available. When we see businesses going down, our morale gets down, minds desperate and hopeless. I really have no idea but on my self assumption, The going away of many expats is also a blessing in a sense that it will filter out the population and leave less people, lesser competition in business, more locals input throughout all industries, but i feel pity for the investors who made all these huge buildings in ajman, sharjah and dubai as they will be mostly inhabited by ghosts.
 

TomCat

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A lot of things in the pipeline. Until they get close to approval, no point in discussing them, but you start with what is available publicly.
It's the metro, cheap premium cars, personally owned a 740Li ( experience of a lifetime), and not to forget Laffah shawarma if you ever had at majaz or tawun. There is this Wadi Al Arayesh restaurant at DIAC food court dubai, person named khalid, makes really amazing saj shawarmas and the toum in it is different with more garlic, sharama platter is thing to go on with.
 

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Until the threat of war with Iran subsides, businesses across the GCC will remain stagnant.

I was in talks with investors in the UAE and Kuwait regarding a taxi project, but they eventually backed off launching these in the GCC. We're focusing in South American instead.


Shameless plug: I have an interesting project in S. America if anyone's interested in investing.
 

TomCat

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Until the threat of war with Iran subsides, businesses across the GCC will remain stagnant.

I was in talks with investors in the UAE and Kuwait regarding a taxi project, but they eventually backed off launching these in the GCC. We're focusing in South American instead.


Shameless plug: I have an interesting project in S. America if anyone's interested in investing.
War is not the primary issue of UAE. I believe jebal ali and the tax free status was the main attraction of UAE. People from Central Asia and Africa come to uae, buy products in bulk take them to their countries in luggage or luggage providers, sell them in good prices back home. Now they pay 5% vat on invoices so the customers have ran away to other places mostly. If only uae does one thing and that is tax return to customers in airport given that they show invoices, business can get really better. @Khafee your take on my writing sir?
 

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War is not the primary issue of UAE. I believe jebal ali and the tax free status was the main attraction of UAE. People from Central Asia and Africa come to uae, buy products in bulk take them to their countries in luggage or luggage providers, sell them in good prices back home. Now they pay 5% vat on invoices so the customers have ran away to other places mostly. If only uae does one thing and that is tax return to customers in airport given that they show invoices, business can get really better

If there was no tax, they were barely benefiting from that business. I think the VAT was a good idea, it weeded out those raking in cash without contributing to the local economy. UAE spends an unnatural amount on infrastructure to support its residents, it needs them to contribute.
 

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If there was no tax, they were barely benefiting from that business. I think the VAT was a good idea, it weeded out those raking in cash without contributing to the local economy. UAE spends an unnatural amount on infrastructure to support its residents, it needs them to contribute.
What you mentioned is very much correct and good for UAE and i support this even though it's tough however, a comprehensive strategy could have been in place for the customers i mentioned above on the basis of their intentions of buying/amount figure they spent/less % of vat charged as per that. What i love to see now is that they are giving their own people more places to take up, giving them educational support in various forms, trying to get them involved in industry and research which is a good thing in long term. What the local people lack mostly is the will to do something great, something which involves hardwork and time
 

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War is not the primary issue of UAE. I believe jebal ali and the tax free status was the main attraction of UAE. People from Central Asia and Africa come to uae, buy products in bulk take them to their countries in luggage or luggage providers, sell them in good prices back home. Now they pay 5% vat on invoices so the customers have ran away to other places mostly. If only uae does one thing and that is tax return to customers in airport given that they show invoices, business can get really better. @Khafee your take on my writing sir?
VAT returns is in the works, just wondering why it hasnt been implemented.
 

TomCat

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VAT returns is in the works, just wondering why it hasnt been implemented.
Ok so there is a rumour and to clarify myself, i am not a person who easily trusts any 'aira ghaira gali wala' banda on streets who watch haqeeqat/daily qudrat type of stpudity and just make their own stupid hoaxes and spread them like forest fire on social media/regular talks in markets. The rumour people say is UAE intends to increase VAT due to IMF pressure which did have an article from one media channel but had no backup source so outright dismissed. If returns are really being considered, that would really bring UAE back to it's trading arena. I dont see gwadar competing jebal ali before 2025-26 on a serious level. However, the international crisis are more of a problem these days than local crisis. Many people still residing in UAE are living happily due to their proper and wise planning.
 

Khafee

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Ok so there is a rumour and to clarify myself, i am not a person who easily trusts any 'aira ghaira gali wala' banda on streets who watch haqeeqat/daily qudrat type of stpudity and just make their own stupid hoaxes and spread them like forest fire on social media/regular talks in markets. The rumour people say is UAE intends to increase VAT due to IMF pressure which did have an article from one media channel but had no backup source so outright dismissed. If returns are really being considered, that would really bring UAE back to it's trading arena. I dont see gwadar competing jebal ali before 2025-26 on a serious level. However, the international crisis are more of a problem these days than local crisis. Many people still residing in UAE are living happily due to their proper and wise planning.
Gawadar complements Jebal Ali, it will never compete with it. On the other hand till now it has been Karachi port that has been giving Gawadar a tough time.

On the VAT returns:

VAT refund for tourists

Tourists and visitors can claim refund on VAT paid on purchases they made during their stay in the UAE. Recovery of payment will be done through a fully integrated electronic system which connects retailers registered in the ‘Tax Refund for Tourists Scheme’ with all ports of entry and exit from the UAE. Read the details.



Applicable date for Tax Refund for Tourists Scheme
From 18 November 2018, eligible tourists in the UAE will be able to request refunds on the Value Added Tax (VAT) incurred on their purchases while there are in the UAE. Only tax invoices issued from 18 November 2018 will qualify eligible tourists to reclaim taxes on their purchases.

Planet is the exclusive operator of the tax refund system for tourists which Federal Tax Authority executes in the UAE. Read more about VAT refunds for tourists.

Conditions for tourists to claim their VAT refunds
For a tourist to claim VAT refund on purchases he made in the UAE, he must fulfill certain conditions:
  • Goods must be purchased from a retailer who is participating in the 'Tax Refund for Tourists Scheme'
  • Goods are not excluded from the Refund Scheme of the Federal Tax Authority
  • He must have the explicit intention to leave the UAE in 90 days from the date of supply, along with the purchased supplies
  • He must export the purchased goods out of the UAE within three months from the date of supply
  • The process of purchase and export of goods must be carried out according to the requirements and procedures determined by Federal Tax Authority.

Read how you can shop tax free in the UAE.

Where and how can tourists claim VAT refund for their shopping
Federal Tax Authority has allocated spaces where tourists can reclaim taxes through a fully electronic system managed in partnership with a global operator. Tourists will receive their refunds through a special device placed at the departure port - airport, seaport, or border port - by submitting the tax invoices for their purchases from the outlets registered in the Scheme, along with copies of their passport and credit card.
Once these documents are submitted, tourists can either recover the VAT in cash in UAE dirhams, or have it transferred to their credit card. Until October 2018, 4,000 retail outlets across the UAE were connected electronically to the system.

These eligible outlets can be identified with posters displayed on their storefronts and visible to visitors.

Updated on 24 Jul 2019

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Self-service VAT refund system for tourists launched across UAE
June 11, 2019
Kiosks are now in place at airports and ports across the country as part of efforts to streamline the refund process

1570879140400.png

Self-service kiosks have been set up at exit points across the country to help tourists reclaim VAT refunds more efficiently. Courtesy Federal Tax Authority

Tourists now have an easy way to claim back VAT before departing the UAE thanks to the launch of self-service kiosks across the country.

Planet, the company tasked with overseeing tax refunds on goods purchased while visiting the country by the Federal Tax Authority, is turning to technology to make the process simpler.

Rather than visit an office to complete refund procedures, people can do it themselves by taking advantage of the new fully-automated service, which has been rolled out at airports and ports.

Travellers still requiring the human touch can ask for the assistance of Planet employees, who will be stationed nearby ready to help.

The streamlined procedure identifies the taxes eligible for refunds, verifies that the purchases are with the tourist, and then facilitates tax recovery.

Khalid Ali Al Bustani, director general of the FTA, said money requested is transferred to the person's credit card after the transaction is verified.

“The self-service kiosks are a significant addition where tourists can recover VAT without needing to interact with employees,” said Mr Al Bustani.

“The kiosks were placed at all exit ports included in the Tax Refund Scheme for Tourists, where tourists can submit the tax invoices on their purchases, along with their passport and credit card, to recover VAT.

Read More
Cabinet approves VAT cash back for tourists visiting UAE

Details of VAT refunds for tourists in UAE revealed

“No limit is placed on the maximum amount that can be recovered if said amount is transferred to the tourist’s credit card, however, in the event that the applicant requests a cash refund, then the maximum amount is set at AED10,000 per day.”

The kiosks can be accessed at 12 locations, including Dubai's two airports, Dubai International Airport and Al Maktoum International Airport, Abu Dhabi International Airport, airports in Sharjah and Ras Al Khaimah and ports across the Emirates.

Tourists have been able to claim back 85 per cent their VAT on goods purchased in the UAE since November.

The remaining 15 per cent will be charged in administration fees to Planet, the global operator of the refund system.

The UAE introduced a VAT charge of five per cent in January of last year.

Updated: June 11, 2019 03:55 PM
 

TomCat

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Gawadar complements Jebal Ali, it will never compete with it. On the other hand till now it has been Karachi port that has been giving Gawadar a tough time.

On the VAT returns:

VAT refund for tourists

Tourists and visitors can claim refund on VAT paid on purchases they made during their stay in the UAE. Recovery of payment will be done through a fully integrated electronic system which connects retailers registered in the ‘Tax Refund for Tourists Scheme’ with all ports of entry and exit from the UAE. Read the details.



Applicable date for Tax Refund for Tourists Scheme
From 18 November 2018, eligible tourists in the UAE will be able to request refunds on the Value Added Tax (VAT) incurred on their purchases while there are in the UAE. Only tax invoices issued from 18 November 2018 will qualify eligible tourists to reclaim taxes on their purchases.

Planet is the exclusive operator of the tax refund system for tourists which Federal Tax Authority executes in the UAE. Read more about VAT refunds for tourists.

Conditions for tourists to claim their VAT refunds
For a tourist to claim VAT refund on purchases he made in the UAE, he must fulfill certain conditions:
  • Goods must be purchased from a retailer who is participating in the 'Tax Refund for Tourists Scheme'
  • Goods are not excluded from the Refund Scheme of the Federal Tax Authority
  • He must have the explicit intention to leave the UAE in 90 days from the date of supply, along with the purchased supplies
  • He must export the purchased goods out of the UAE within three months from the date of supply
  • The process of purchase and export of goods must be carried out according to the requirements and procedures determined by Federal Tax Authority.

Read how you can shop tax free in the UAE.

Where and how can tourists claim VAT refund for their shopping
Federal Tax Authority has allocated spaces where tourists can reclaim taxes through a fully electronic system managed in partnership with a global operator. Tourists will receive their refunds through a special device placed at the departure port - airport, seaport, or border port - by submitting the tax invoices for their purchases from the outlets registered in the Scheme, along with copies of their passport and credit card.
Once these documents are submitted, tourists can either recover the VAT in cash in UAE dirhams, or have it transferred to their credit card. Until October 2018, 4,000 retail outlets across the UAE were connected electronically to the system.

These eligible outlets can be identified with posters displayed on their storefronts and visible to visitors.

Updated on 24 Jul 2019

-------------------------------------------------------------------------------------------------------------------------------------------


Self-service VAT refund system for tourists launched across UAE
June 11, 2019
Kiosks are now in place at airports and ports across the country as part of efforts to streamline the refund process

View attachment 10782
Self-service kiosks have been set up at exit points across the country to help tourists reclaim VAT refunds more efficiently. Courtesy Federal Tax Authority

Tourists now have an easy way to claim back VAT before departing the UAE thanks to the launch of self-service kiosks across the country.

Planet, the company tasked with overseeing tax refunds on goods purchased while visiting the country by the Federal Tax Authority, is turning to technology to make the process simpler.

Rather than visit an office to complete refund procedures, people can do it themselves by taking advantage of the new fully-automated service, which has been rolled out at airports and ports.

Travellers still requiring the human touch can ask for the assistance of Planet employees, who will be stationed nearby ready to help.

The streamlined procedure identifies the taxes eligible for refunds, verifies that the purchases are with the tourist, and then facilitates tax recovery.

Khalid Ali Al Bustani, director general of the FTA, said money requested is transferred to the person's credit card after the transaction is verified.

“The self-service kiosks are a significant addition where tourists can recover VAT without needing to interact with employees,” said Mr Al Bustani.

“The kiosks were placed at all exit ports included in the Tax Refund Scheme for Tourists, where tourists can submit the tax invoices on their purchases, along with their passport and credit card, to recover VAT.

Read More
Cabinet approves VAT cash back for tourists visiting UAE

Details of VAT refunds for tourists in UAE revealed

“No limit is placed on the maximum amount that can be recovered if said amount is transferred to the tourist’s credit card, however, in the event that the applicant requests a cash refund, then the maximum amount is set at AED10,000 per day.”

The kiosks can be accessed at 12 locations, including Dubai's two airports, Dubai International Airport and Al Maktoum International Airport, Abu Dhabi International Airport, airports in Sharjah and Ras Al Khaimah and ports across the Emirates.

Tourists have been able to claim back 85 per cent their VAT on goods purchased in the UAE since November.

The remaining 15 per cent will be charged in administration fees to Planet, the global operator of the refund system.

The UAE introduced a VAT charge of five per cent in January of last year.

Updated: June 11, 2019 03:55 PM
Had a good read there, thanks for sharing.

sds.JPG


This rule pretty much resolves most of the problems as almost all goods are refundable under tourist scheme under this law. Good that we did'nt buy Block 60 from UAE otherwise no tax refund and we be like

1570880338087.png
 

Khafee

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Had a good read there, thanks for sharing.

View attachment 10784

This rule pretty much resolves most of the problems as almost all goods are refundable under tourist scheme under this law. Good that we did'nt buy Block 60 from UAE otherwise no tax refund and we be like

View attachment 10785

UAE Blk60's are being upgraded to Blk62. They are not going any where for the next 2~3 decades


UAE agrees $1.6 billion deal with Lockheed Martin to upgrade F-16 fighters
November 12, 2017
 

TomCat

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