No VAT on sale and purchase of shares in UAE

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Value-added tax (VAT) will not be applicable on the sale and purchase of share transactions conducted by investors in UAE stock markets, said a senior government official. Khalid Al Bustani, director-general, Federal Tax Authority, pointed out that there would be no tax on profit margins as well.

On Tuesday, Dubai Financial Market saw 451.2 million shares changing hands worth Dh525.2 million. Abu Dhabi Securities Exchange witnessed 62.8 million shares trading worth Dh100.6 million.

In previous statements, Al Bustani confirmed that financial brokerage firms, whose annual revenues reach – or cross – Dh375,000 will be subject to taxation and they will have to register for the VAT.

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Source Credit: Khaleej Times
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