A top UAE banker today urged the Abu Dhabi authorities to delay the implementation of the Value Added Tax (VAT).
“The economic sectors are not qualified for the VAT scheme, particularly the banking and insurance sectors,” said UAE chairman of UAE Banking Federation Abdul Aziz Al Ghurair.
In a statement to Al Bayan newspaper, he said that six months would be needed at least after issuing the executive bylaw to finalise the electronic implementation of the VAT levy.
Al Ghurair was speaking on the sidelines of the Middle east Banking Conference, being held in Abu Dhabi.