For tax refunds, VAT related queries and other information, you can always refer to GCC Filings which is a one-stop solution for businesses looking for assistance in various spheres. GCC Filings helps you out with company incorporation, VAT registration, return filling, accounting, auditing and a wide range of essential services. Coming to the 2020 World Expo to be held in Dubai, companies and inter-government organizations can ultimately claim refunds on VAT for their costs incurred on developing pavilions for the mega event.

Key details about Tax Refund Expo 2020 in Dubai Scheme

The Cabinet has already decided on this aspect and the FTA (Federal Tax Authority) has notified that commercial space for the Expo should be lower than 20% of the space entitled for refunds. The Expo 2020 Bureau will be majorly holding responsibility for administration of this entire process. Refunds may be claimed by the official participants at the 2020 World Expo to be held in Dubai whenever these are incurred as a direct link to the installation, construction, decoration, alteration or even dismantlement of exhibition spaces.

Refund applications will be submitted to bureaus for performing internal audits and requesting amount refunds from the FTA. Official participants will have to get their certificates for refund entitlement from the Expo 2020 Bureau. The certificate of refund entitlement will not be given to official participants with regard to supplies and imports that cover more than 20% of the presentation or exhibition space. This also applies in case of any intention of usage for non-official or commercial purposes.

What else should you know?

As a part of the framework of the GCC, the UAE has imposed 5% of VAT on multiple goods and services from the 1st of January, 2018. Refunds of VAT will be lowering the costs associated with establishing pavilions and other related costs for participating countries at the 2020 Expo that will span 6 months from the 20th of October, 2020, onwards. Organizations that are official participants and have received and also accepted invitations officially from the UAE for the event as exhibitors will benefit.

However, those participants operating for commercial purposes will not be eligible for this VAT refund 2020 world expo. Official participants may also look to claim VAT refunds that have been paid for importing goods for personal usage including the section commissioner-general, beneficiaries and section staff. The refund may be granted on condition that these goods will not be sold without any prior consent or transferred free of charge as well. This decision will naturally attract more countries and participants along with other companies to take part at the mega event to be held this year in Dubai. Registered companies will naturally be getting input tax credit and this move will benefit non registered entities that can get refunds on costs of goods and services for building pavilions and maintenance expenses throughout the period of the 2020 World Expo.

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