The United Arab Emirates Ministry of Finance has announced the draft Executive Regulation for the Federal Decree-Law No. (8) of 2017 on Value Added Tax, which was issued in August and will be effective from 1 January 2018 ({News-2017-08-30/A/4-previous coverage}). The Regulation defines VAT as the 5% tax imposed on the import and supply of goods and services at each stage of production and distribution, including what is a deemed supply, with the exception of specific supplies subject to the…