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Even though the UAE has unveiled a series of stimulus measures to help businesses stay afloat during Covid-19, the economic downturn caused by the pandemic has taken a toll on consumer behaviour. Many businesses have been severely affected by Covid-19, in a way that may take them a long period to recover or get back to normal.

 

The UAE in general and Abu Dhabi in particular is well known around the world for its massive oil reserves. Earlier, the economy was heavily dependent on oil, but since 2010, the government has taken strong, tangible steps to diversify the economy and shift its focus to other revenue sources for long-term growth and development.

The global economy has been witnessing a slowdown lately. In general parlance, an economy is considered to be in a recession when it contracts for two quarters consecutively, reflecting in the GDP along with other factors like employment rate, per capita income, etc.

    Administrative Exceptions Guidelines issued by FTA recently.

VAT IN THE UAE: A RECAP OF HOW THE EMIRATES’ FIRST TAX PERFORMED IN THE LAST YEAR   Introduction