AGL 37.85 Decreased By ▼ -0.30 (-0.79%)
AIRLINK 129.18 Increased By ▲ 4.11 (3.29%)
BOP 7.30 Increased By ▲ 0.45 (6.57%)
CNERGY 4.62 Increased By ▲ 0.17 (3.82%)
DCL 8.50 Increased By ▲ 0.59 (7.46%)
DFML 38.60 Increased By ▲ 1.26 (3.37%)
DGKC 81.19 Increased By ▲ 3.42 (4.4%)
FCCL 32.75 Increased By ▲ 2.17 (7.1%)
FFBL 74.16 Increased By ▲ 5.30 (7.7%)
FFL 12.31 Increased By ▲ 0.45 (3.79%)
HUBC 109.25 Increased By ▲ 4.75 (4.55%)
HUMNL 13.95 Increased By ▲ 0.46 (3.41%)
KEL 5.07 Increased By ▲ 0.42 (9.03%)
KOSM 7.49 Increased By ▲ 0.32 (4.46%)
MLCF 38.25 Increased By ▲ 1.81 (4.97%)
NBP 70.75 Increased By ▲ 4.83 (7.33%)
OGDC 187.80 Increased By ▲ 8.27 (4.61%)
PAEL 25.15 Increased By ▲ 0.72 (2.95%)
PIBTL 7.38 Increased By ▲ 0.23 (3.22%)
PPL 151.30 Increased By ▲ 7.60 (5.29%)
PRL 25.25 Increased By ▲ 0.93 (3.82%)
PTC 17.18 Increased By ▲ 0.78 (4.76%)
SEARL 82.50 Increased By ▲ 3.93 (5%)
TELE 7.51 Increased By ▲ 0.29 (4.02%)
TOMCL 32.52 Increased By ▲ 0.55 (1.72%)
TPLP 8.47 Increased By ▲ 0.34 (4.18%)
TREET 16.49 Increased By ▲ 0.36 (2.23%)
TRG 56.62 Increased By ▲ 1.96 (3.59%)
UNITY 27.85 Increased By ▲ 0.35 (1.27%)
WTL 1.34 Increased By ▲ 0.05 (3.88%)
BR100 10,536 Increased By 446.5 (4.43%)
BR30 30,948 Increased By 1438.8 (4.88%)
KSE100 98,261 Increased By 3686.4 (3.9%)
KSE30 30,662 Increased By 1217.3 (4.13%)

Dubai warned retailers on Sunday that they would face fines if they tried to use next month's introduction of value-added tax in the United Arab Emirates to manipulate prices, a sign of official concern about the economic impact of the tax. Seeking to boost state revenue hurt by low oil prices, the UAE and Saudi Arabia plan to levy VAT at 5 percent from next month, abandoning a decades-old policy of minimal taxation. Other Gulf Arab states aim to introduce VAT later in 2018.
Dubai Economy, a government body which oversees business in the emirate, said it would conduct field inspections and act on consumers' complaints to prevent price gouging before or during the transition.
Retailers will have to display VAT separately on their bills.
"Dubai Economy is committed to protecting consumers against unscrupulous trade practices. Retailers should comply with their price list and anyone who increases prices without any justification will incur a fine," said Mohammed Ali Rashid Lootah, the body's chief executive.
Dubai's economy relies heavily on tourism and foreign visitors spending in its retail sector, which could be slowed if inflation takes hold.

Comments

Comments are closed.