United Arab Emirates MOF Announces Amendments to VAT Law for Service on Boards of Directors



Daily Tax Report: International

Nov. 22, 2022, 5:00 AM

The Emirati Ministry of Finance Nov. 17 announced amendments to the VAT law, for service on boards of directors. The announcement explains that: 1) effective Jan. 1, 2023, fees received by individuals who serve on boards of directors of entities operating in the country are exempt from VAT; 2) the exemption doesn’t apply to director fees received by individuals who authorize another individual to serve on boards of directors on their behalf; and 3) the exemption applies only to board director fees, and not to other services directors provide to a company. [United Arab Emirates, Emirates News Agency, 11/17/22]

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