Value Added Tax (or VAT) is an indirect tax. Occasionally you might also see it referred to as a type of general consumption tax. In a country which has a VAT, it is imposed on most supplies of goods and services that are bought and sold. VAT is one of the most common types of consumption tax found around the world. Over 150 countries have implemented VAT (or its equivalent, Goods and Services Tax), including all 29 European Union (EU) members, Canada, New Zealand, Australia, Singapore and Malaysia. VAT is charged at each step of the ‘supply chain’. Ultimate consumers generally bear the VAT cost while Businesses collect and account for the tax, in a way acting as a tax collector on behalf of the government. A business pays the government the tax that it collects from the customers while it may also receive a refund from the government on tax that it has paid to its suppliers. The net result is that tax receipts to government reflect the ‘value add’ throughout the supply chain.
As majority of The UAE’s top bankers are predicting loan growth will stall this year after several years of buoyant expansion. As Economic growth is slowed down in the region at present,and banks are facing and expecting higher Delinquency in the Unsecured Business Loans repayments due to the overall factors , Majority of the UAE banks either reconsidering the products and revising their funding policies with higher amount of restrictions according to business industry behaviors, .......................Soon