The UAE is seeing an average of 3,800 transactions per day under its recently launched Tax Refunds for Tourists Scheme, it has been announced.
The Federal Tax Authority said the average total amount of refunds processed every day has so far totalled AED925,187 ($251,868).
It added that the number of retail stores linked to the scheme’s electronic system has increased to 6,903.
The scheme, which was launched last month, initially issues and processes VAT refund claims for eligible tourists at Abu Dhabi, Dubai and Sharjah International Airports.
Preparations are underway for phase two of the scheme, which goes into effect on December 16, allowing overseas tourists to claim refunds of taxes at all other UAE airports and land and sea ports that are taking part.
“The results of the operating system for the Tax Refunds for Tourists Scheme underline the fact that the Scheme is functioning with high efficiency,” said Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Industry, and FTA chairman.
“This, in turn, makes for seamless tourism operations at the UAE’s ports of entry... The scheme is estimated to be processing 3,800 transactions every day – a significant number considering the scheme is still in its first phase.”For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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