ABU DHABI: The cabinet of the United Arab Emirates on Thursday issued two laws detailing how the new five percent value-added tax (VAT) will be applied to free zones, medical drugs and equipment, according to a copy of the laws published on the Ministry of Finance’s website .
Cabinet decree number 56 said that medications and medical equipment that are registered with the Ministry of Health and are either produced locally or imported will be subject to VAT at a zero percent rate, which means that the consumer will not pay the five percent VAT and the companies and institutions working in the business of medical drugs or equipment will be allowed to reclaim the VAT they paid on their business expenses. The law defined medications as products that are offered or sold to diagnose, treat, heal, relieve or prevent diseases, or renew, correct or rehabilitate the function of body organs. As for medical equipment, it said this includes instruments, motors, implants, detectors or systems along with any accessories and operating software, used in cases related to diagnosing, treating, relieving, controlling or preventing diseases, injury or disability.
When goods or parts of them are not released from the designated zone and are only being transferred from one designated zone to another. The transfer process has to be done in accordance with the Common Customs Law implemented in the Gulf Cooperation Council (GCC) countries.
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