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December 2017 saw quite a windfall for the UAE construction industry – with the implementation of Value Added Tax (VAT) looming, the most commonly used phrase became, ‘invoice now.’ The introduction of VAT is a GCC wide phenomenon that is touted to diversify the region’s dependency on oil. According to the International Monetary Fund, the introduction of 5% VAT will translate to revenue equating to 1.6% of the GCC’s GDP. While this diversification is of particular importance to the region, the question is how it will affect the construction industry in the short, and in the long term.
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