UAE cracking down on tax evasion

Tuesday, 19 March 2019 08:09

Tobacco products that don't have a digital VAT stamp will soon be banned from the UAE's markets

The Federal Tax Authority (FTA) says the selling and distribution of unmarked tobacco products will be prohibited from August 1.

It's part of the FTA's efforts to combat tax evasion and better monitor markets.

"Digital marks will be placed on the packaging of tobacco products and registered in the FTA database," said Khalid Ali Al Bustani, Director-General of the FTA.

"The marks contain data that can be read using a sophisticated device."

More from Business

Meta delays release of Phoenix mixed-reality glasses to 2027, say reports

Meta is delaying the release of its Phoenix mixed-reality glasses until 2027, aiming to get the details right, Business Insider reported on Friday, citing an internal memo.
IndiGo's third day of mass flight cancellations throws Indian airports into disarray

Thousands of IndiGo passengers were stranded by flight cancellations on Thursday - a third day of chaos after the country's biggest airline did not make sufficient changes to its roster planning ahead of new government regulations.
UAE President receives Amazon founder Jeff Bezos

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan met with Amazon's Founder and Executive Chairman, Jeff Bezos, in Abu Dhabi.
Saudi Arabia forecasts deficit of $44 billion in 2026 budget

Saudi Arabia approved the kingdom's budget for 2026 with an estimated deficit of 165 billion riyals ($44 billion), the Saudi state news agency reported on Tuesday.