Abu Dhabi Department of Economic Development (DED) chairman says VAT will help the UAE as it works to diversify its economy
Abu Dhabi’s Department of Economic Development (DED) has established dedicated channels through which consumers can the public can report unwarranted price hikes in the wake of VAT’s implementation on January 1, according to DED undersecretary Khalifa Salem Al Mansouri.
“The DED inspection teams have developed a comprehensive database on all commodity prices over the last months of 2017 that will help monitor the slightest price hikes that go counter to the law across all sales outlets in the emirate,” he said, adding that inspection campaigns throughout the first quarter of 2018 are aimed at ensuring that price increases will not go above VAT’s 5 percent.
Consumers with complaints are being urged to lodge them through the DED’s website or social media platforms.
Additionally, DED chairman Saif Mohammed Al Hajiri said that concerns about VAT’s impact on businesses are unwarranted, and noted that its implementation “will reflect positively on the country’s developmental drive as it ideally goes in harmony with the government’s vision to ensure a robust, sustainable and diversified economy to ultimately wean the country off oil in the future.”
“The department has ensured the development of a well though-out strategy across the emirate of Abu Dhabi to control prices and open up channels of communication and monitor any misuse of the tax application,” he added.