UAE Cabinet has approved to refund value added tax or VAT for organisers of meetings, events and business conferences.
The move applies to facilities that work to set up the events can redeem VAT imposed on them for the services required to put together the events, according to a report by Gulf News.
According to the report, then move is part of the effort by the UAE government to boost the (meetings, incentives, conferencing, exhibitions) MICE sector and reflect global standards within the sector.
Recent statistics claim that the conference and exhibition tourism sector contributes approximate AED 2.39 billion to the national economy annually, and is expected to grow to AED 5.1 billion by 2020.
The refund, the report explains, is meant for any exhibition held under a license from the competent local authority for a period not exceeding 7 days, or any formal meeting between persons of mutual interest licensed by the competent local authority for a period not exceeding 7 days.
The refund also applies to the recipient who does not have a permanent establishment or operations/facilities in the country for the events and is not registered or required to do so in the UAE and has not paid tax to the supplier, the report details said.