Published on : Monday, June 17, 2019
Abu Dhabi National Exhibitions Company (ADNEC) has obtained the Free Trade Agreement (FTA) License for Value Added Tax (VAT) waiver for all international companies and organisations participating in or holding shows and conferences at its venues across the UAE with effect from June 1.
The VAT waiver covers exhibitions and conferences held over a period not exceeding seven days. The waiver also stipulates that recipients shall not have a permanent base or established business in the UAE and shall not be registered or obliged to register in UAE as per the UAE VAT Law.
As per Humaid Matar Al Dhaheri, group CEO, ADNEC, the VAT waiver for ADNEC-hosted event organisers and participants will further stimulate the business tourism sector in the UAE through enhancing the competitiveness of our venues to host major international exhibitions and conferences. It will help to attract new and world-renowned events to the venues and increase direct and indirect contributions to the Abu Dhabi economy.
He added that the business tourism sector is a major contributor (identified by Plan Abu Dhabi and Abu Dhabi Economic Vision 2030) to accelerate non-oil GDP growth. Through hosting more than 3,390 events and welcoming nearly 17.5 million visitors to date, the venues – Abu Dhabi National Exhibitions Centre and Al Ain Convention Centre – have delivered a direct and indirect economic impact of more than AED32 billion since ADNEC’s inception in 2005.